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 D 4th quarter 1 Total sales revenue Number of jars sold $181,000 152,500 $219,000 181,500 $255,000 213,000 $199,000 160,500 2 Hoffman anticipates selling the following in the first quarter of the year following the year given in the preceding table: 3 4 5 Sales in units (jars) Sales revenue 223,000 $260,000 6 Hoffman has a policy that the ending inventory of jars must be: 17 18 30% of the following quarter's sales 19 20 Requirement: Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in 21 22 23 24 25 Quarter 1 26 Unit sales 27 Plus: Desired ending inventory 28 Total needed 29 Less: Beginning inventory 30 Number of units to produce 31 32 33 34 35 36 37 Hoffman Foods Production Budget For For the Upcoming Year Quarter 2 Quarter 3 Quarter 4 Year Please use excel formula to compute the numbers