Peanut Land Inc. produces all-natural organic peanut butter. The peanut butter is sold in 12-ounce four months of the year is as follows: jars. The sales budget for the first Unit Sales 50,000 55,000 80,000 46,000 Dollar Sales ($) January February March 90,000 99,000 144,000 82,800 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 32,000 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: 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. 2. 9 January February Total Production ar 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 10010000 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