The Master Budget Production Budget Hoffman Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: 1st quarter 2nd quarter 3rd quarter 4th quarter Total sales revenue $181,000 $219,000 $255,000 $199,000 Number of jars sold 152,500 181,500 213,000 160,500 Hoffman anticipates selling the following in the first quarter of the year following the year given in the preceding table: Sales in units (jars) 223,000 Sales revenue $260,000 Hoffman has a policy that the ending inventory of jars must be: 30% of the following quarter's sales Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Use cell references from prior calculations, if applicable. Requirement 1 Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Use cell references from prior calculations, if applicable. Requirement 1 Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. a. Saving & Submitting Solution 1 Save file to desktop. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with feedback (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Use cell references from prior calculations, if applicable.) Hoffman Foods Production Budget For the Upcoming Year Quarter 1 Quarter 2 152,500 181,500 Year Quarter 3 213,000 Quarter 4 160,500 Unit sales Plus: Desired ending inventory Total needed Less: Beginning inventory Number of units to produce