Patrick Inc. makes industrial solvents. In the first 4 months of the coming year, Patrick expects...
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 20% of next month's sales in ending inventory. On January 1, it is expected that there will be 4,700 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 | ||||
| Desired ending inventory | ||||
| Total needs | ||||
| Less: Beginning inventory | ||||
| Units to be produced | ||||
Homework Answers
--Requirement
| Patrick Inc. | ||||
| Production Budget | ||||
| For the Coming Quarter | ||||
| January | February | March | 1st Quarter Total | |
| Sales | 41000 | 38000 | 50000 | 129000 |
| Desired ending inventory | 7600 | 10000 | 10200 | 27800 |
| Total needs | 48600 | 48000 | 60200 | 156800 |
| Less: Beginning inventory | 4700 | 7600 | 10000 | 22300 |
| Units to be produced | 43900 | 40400 | 50200 | 134500 |
--Working
| Patrick Inc. | ||||
| Production Budget | ||||
| For the Coming Quarter | ||||
| January | February | March | 1st Quarter Total | |
| Sales | 41000 | 38000 | 50000 | 129000 |
| Desired ending inventory | =38000*20% | =50000*20% | =51000*20% | 27800 |
| Total needs | =41000+7600 | =38000+10000 | =50000+10200 | 156800 |
| Less: Beginning inventory | 4700 | =38000*20% | =50000*20% | 22300 |
| Units to be produced | =48600-4700 | =48000-7600 | =60200-10000 | 134500 |
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