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Peanut Land Inc. produces all - natural organic peanut butter. The peanut butter is sold in 1 2 - ounce jars. The sales budget for

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 80,000168,000
February 50,000105,000
March 40,00084,000
April 42,00088,200
Company policy requires that ending inventories for each month be 20% of next month's sales. At the beginning of January, the inventory of peanut butter is 34,000 jars.
Each jar of peanut butter needs two raw materials: 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:
Question Content Area
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.
Peanut Land Inc.
Production Budget
For the First Quarter of the Year
January February March Total
Sales fill in the blank 37112e04d031070_1
80,000
fill in the blank 37112e04d031070_2
50,000
fill in the blank 37112e04d031070_3
40,000
fill in the blank 37112e04d031070_4
170,000
Desired ending inventory fill in the blank 37112e04d031070_5
10,000
fill in the blank 37112e04d031070_6
8,000
fill in the blank 37112e04d031070_7
8,400
fill in the blank 37112e04d031070_8
34,000
Total needs fill in the blank 37112e04d031070_9
90,000
fill in the blank 37112e04d031070_10
58,000
fill in the blank 37112e04d031070_11
48,400
fill in the blank 37112e04d031070_12
Less: Beginning inventory fill in the blank 37112e04d031070_13
34,000
fill in the blank 37112e04d031070_14
fill in the blank 37112e04d031070_15
fill in the blank 37112e04d031070_16
Units produced fill in the blank 37112e04d031070_17
fill in the blank 37112e04d031070_18
fill in the blank 37112e04d031070_19
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 fill in the blank 73ab6ff46000fe7_1
fill in the blank 73ab6ff46000fe7_2
fill in the blank 73ab6ff46000fe7_3
Jar fill in the blank 73ab6ff46000fe7_4
fill in the blank 73ab6ff46000fe7_5
fill in the blank 73ab6ff46000fe7_6
Jars for production fill in the blank 73ab6ff46000fe7_7
fill in the blank 73ab6ff46000fe7_8
fill in the blank 73ab6ff46000fe7_9
Desired ending inventory fill in the blank 73ab6ff46000fe7_10
fill in the blank 73ab6ff46000fe7_11
fill in the blank 73ab6ff46000fe7_12
Total needs fill in the blank 73ab6ff46000fe7_13
fill in the blank 73ab6ff46000fe7_14
fill in the blank 73ab6ff46000fe7_15
Less: Beginning inventory fill in the blank 73ab6ff46000fe7_16
fill in the blank 73ab6ff46000fe7_17
fill in the blank 73ab6ff46000fe7_18
Jars purchased fill in the blank 73ab6ff46000fe7_19
fill in the blank 73ab6ff46000fe7_20
fill in the blank 73ab6ff46000fe7_21
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 fill in the blank 8b4a060b6fdbf92_1
fill in the blank 8b4a060b6fdbf92_2
fill in the blank 8b4a060b6fdbf92_3
Ounces fill in the blank 8b4a060b6fdbf92_4
fill in the blank 8b4a060b6fdbf92_5
fill in the blank 8b4a060b6fdbf92_6
Ounces for production fill in the blank 8b4a060b6fdbf92_7
fill in the blank 8b4a060b6fdbf92_8
fill in the blank 8b4a060b6fdbf92_9
Desired ending inventory fill in the blank 8b4a060b6fdbf92_10
fill in the blank 8b4a060b6fdbf92_11
fill in the blank 8b4a060b6fdbf92_12
Total needs fill in the blank 8b4a060b6fdbf92_13
fill in the blank 8b4a060b6fdbf92_14
fill in the blank 8b4a060b6fdbf92_15
Less: Beginning inventory fill in the blank 8b4a060b6fdbf92_16
fill in the blank 8b4a060b6fdbf92_17
fill in the blank 8b4a060b6fdbf92_18
Ounces purchased fill in the blank 8b4a060b6fdbf92_19
fill in the blank 8b4a060b6fdbf92_20
fill in the blank 8b4a060b6fdbf92_21

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