Patrick's policy is to have 21% of next month's sales in ending inventory. On January 1 , it is expected that there will be 4,400 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. tf required, round your answers to the nearest whole unit. Preparing an Ending Finished Goods Inventory Budget Andrews Company manufactures a line of office chairs. Each chair takes $16 of direct materiais and uses 1.9 direct labor hours at $18 per direct labor hour. The variable overhead rate is $1.10 per direct labor hou, and the foxed overhead rate is $1.70 per direct labor hour. Andrews expects to have 590 chairs in ending inventory. There is no beginning inventory of office chairs. Required: 1. Calculate the unit product cost. Round your answer to the nearest cent. 1 2. Calculate the cost of budgeted ending inventory. Round your answer to the nearest dollar, The average price for a drum is $39. Required: Prepare a sales budget for the first 3 months of the coming year, showing units and sales revenue by month and in total for the quarter. Do not include a multiplication symbol as part of your answer. Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar