0.000 Production Budget and Orect Materas Purchases budgets Peanut Land Inc. produces all-natural organic canut butter. The peanut butter is sold in 12-ounce jars. The sales budget for the first four months of the year is as follows: Unit Sales Dollar Sales (5) January 152,000 Teoruary 50,000 95,000 March 70,000 133,000 April 55,000 125,400 Company policy requires that ending inventories for each month be 10% of next month's males. At the beginning of January, the inventory of peanut butter is 31,000 tach Jar et peanut butter needs to raw maternalis: 24 ounces of peanuts and one par. company policy requires that anding inventories of raw matenats for each month be 20% of the next morter's production needs. That policy was met n lawary 1. Required: 1. Prepare a production budget for the first quarter of the year. Show the number of pars that should be produced nach month as well as for the quarter in total Peanut Land Inc. Production Budget For the First Quarter of the Year January February March Sales Desired ending inventory Totales Less: Beginning Inventory units produced Total 2. Prepare a direct materials purchases budget for jars for the months of January and February. Peanut Land Inc. Direct Materials Purchases Budget for Jars For January and February January February Total Production Jar Jars for production Desired ending inventory Total needs Less: Beginning inventory Jars purchased Prepare a direct materials purchases budget for peanuts for the months of January and February. Peanut Land Inc. Direct Materials Purchases Budget for Peanuts For January and February January February Total Production Ounces Ounces for production Desired ending inventory Total needs Less: Beginning inventory Ounces purchased