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Preparing a Production Budget Patrick Inc. makes industrial solvents. In the first 4...

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Accounting

Preparing a Production Budget
Patrick Inc. makes industrial solvents. In the first 4 months of the coming year, Patrick expects the following unit sales:
January 41,000
February 38,000
March 50,000
April 51,000
Patrick's policy is to have 24% of next month's sales in ending inventory. On January 1, it is expected that there will be 4,650 drums of solvent on hand.
Required:
Prepare a production budget for the first quarter of the year. Show the number of drums that should be produced each month as well as for the quarter in total. If required, round your answers to the nearest whole unit.
Patrick Inc.
Production Budget
For the Coming Quarter
January February March 1st Quarter Total
Sales fill in the blank 1
fill in the blank 2
fill in the blank 3
fill in the blank 4
Desired ending inventory fill in the blank 5
fill in the blank 6
fill in the blank 7
fill in the blank 8
Total needs fill in the blank 9
fill in the blank 10
fill in the blank 11
fill in the blank 12
Less: Beginning inventory fill in the blank 13
fill in the blank 14
fill in the blank 15
fill in the blank 16
Units to be produced fill in the blank 17
fill in the blank 18
fill in the blank 19
fill in the blank 20

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