Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. patrick inc. makes industrial solvents. in the fir

Patrick Inc. makes industrial solvents. In the first 4 months of the coming year, Patrick...

90.2K

Verified Solution

Question

Accounting

image
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 15% of next month's sales in ending inventory. On January 1, it is expected that there will be 4,550 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. Ir required, round your answers to the nearest whole unit. Patrick Inc. Production Budget For the Coming Quarter January February March 41,000 38.000 50,000 5,700 7.500 7.650 Sales 1st Quarter Total 129,000 20,850 X Desired ending inventory Total needs 46,700 45.500 $7,650 149,850 x 5.700 4.450 x 7.500 Less: Beginning inventory 17,650 X 39.00 42,250 X 50.150 Units to be produced 132,200 x

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students