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15. The ABC Company produces and sells widgets. On January 1, 2017, ABC plans to...

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Accounting

15. The ABC Company produces and sells widgets. On January 1, 2017, ABC plans to have 1,000 widgets in inventory. During 2017, they plan to sell 20,000 widgets and on December 31, 2016 they plan to have 3,000 widgets in inventory.

It takes 3 pounds of plastic to make one widget. On January 1, 2017, the company plans to have 4,000 pounds of plastic in inventory. On December 31, 2017, they plan to have 7,000 pounds of plastic in inventory. Presently, the company has no completed widgets, no WIP and no plastic.

How many pounds of plastic will ABC need to purchase during 2017?

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