Preparing a Sales Budget
Patrick Inc. sells industrial solvents in five-gallon drums. Patrick expects the following units to be sold in the first three months of the coming year:
The average price for a drum is $35.
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Prepare a sales budget for the first three 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.
Patrick, Inc.
Sales Budget
For the Coming Quarter
January
February
March
1st Quarter
Total
Units
Price
$
$
$
$
Sales
$
$
$
$
Preparing a Production Budget
Patrick Inc. makes industrial solvents. In the first four months of the coming year, Patrick expects the following unit sales:
Patrick's policy is to have 25 percent of next month's sales in ending inventory. On January 1, it is expected that there will be 6,700 drums of solvent on hand.
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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.
Patrick, Inc.
Production Budget
For the Coming Quarter
January
February
March
Total
Sales
Desired ending inventory
Total needs
Less: Beginning inventory
Units produced
Preparing a Selling and Administrative Expenses Budget
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Fazel Company makes and sells paper products. In the coming year, Fazel expects total sales of $19,730,000. There is a 3 percent...
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