Exercise 9-52 Production Bud Peanut Land Inc. produces all 12-ounce jars. Th *2 Production Budget and Direct Materials Purchases Budgets Inc. produces all-natural organic peanut butter. The peanut butter is sold in punce jars. The sales budget for the first 4 months of the year is as follows: January February March April Unit Sales 36,000 38,000 41,000 43,000 Dollar Sales ($) 108,000 114,000 123,000 129,000 Company policy mpany policy requires that ending inventories for each month be 25% of next month's sales. At the beginning of January, the inventory of peanut butter is 9,300 jars. Each jar of peanut butter needs two raw materials: 24 ounces of peanuts and one jar (a glass jar and lid). Company policy requires that ending inventories of raw materials for each month be 10% 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 jars that should be produced each month as well as for the quarter in total. 2. Prepare separate direct materials purchases budgets for jars and for peanuts for the months of January and February