eBook Print Item Production Budget and Direct Materials Purchases Budgets Peanut Land Inc. produces all-natural organic peanut 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 ($) January 80,000 176,000 February 50,000 110,000 March 70,000 154,000 April 58,000 127,600 Company policy requires that ending inventories for each month be 15% of next month's sales. At the beginning of January, the inventory of peanut butter is 37,000 jars. Each jar of peanut butter needs two raw materiais: 24 ounces of peanuts and one jar. Company policy requires that ending inventories of raw materials for each month be 20% of the next month's production needs. That policy was met on January 1. Required: 1. Prepare a production budget for the first quarter of the year. Show the number of fars that should be produced each month as well as for the quarter in total. Peanut Land Inc. Production Budget For the First Quarter of the Year January February March Total Next Check My Work 2 more Check My Work uses remaining, All work saved. Email Instructor Save and Submit Augment for Grading 1. Prepare a production budget for the first quarter of the year. Show the number of jars that should be produced each month as well as for the quarter total. Peanut Land Inc. Production Budget For the First Quarter of the Year January February March Total 80,000 50,000 70,000 Sales Desired ending inventory 200,000 30,000 12,000 7,500 10,500 Total needs 92.000 57,500 80.500 230,000 Less: Beginning inventory 37,000 Units produced 55,000 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 Next > Check My Work 2 more Check My Work uses remaining Emas Instructor Save and telt Submit Assignment for Gradie All work saved Othe eBook Print Item 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 Next Check My Work 2 more Check My Work uses remaining Emal instructor Save and Ex Submit Assignment for Grad 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