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Preparing a Direct Materials Purchases Budget

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Preparing a Direct Materials Purchases Budget Sheet1   Preparing a Direct Materials Purchases Budget Patrick Inc. makes industrial solvents sold in 5-gallon drums. Planned production in units for the first 3 months of the coming year is: DATA January 42,400 February 40,400 March 49,500 Direct materials needed per unit: Chemicals (in gallons) 5.5 Plastic drums 1 Direct materials cost: Chemicals (per gallon) $1.90 Plastic drums (per unit) $1.50 Ending inventory requirements 25% of next month’s production needs of raw materials That ending inventory policy was met for the ending inventory of December in the prior year. REQUIRED: Calculate the ending inventory of chemicals in gallons for December of the prior year and for January and February. What is the beginning inventory of chemicals for January? Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells show in the orange cells. Transfer amounts to CNOWv2 for grading.       Formulas Ending inventory in gallons for December       Ending inventory in gallons for January       Ending inventory in gallons for February       Beginning inventory in gallons for January       REQUIRED: Prepare a direct materials purchases budget for chemicals for the months of January and February. Patrick Inc. Direct Materials Purchases Budget – Chemicals in Gallons For the Months of January and February   January February Production in units Gallons per unit Gallons for production Desired ending inventory Needed Less: Beginning inventory Purchases Price per gallon Dollar purchases   Formulas   January February                                                       REQUIRED: Calculate the ending inventory of drums for December of the prior year and for January and February.       Formulas Ending inventory in drums for December       Ending inventory in drums for January       Ending inventory in drums for February       REQUIRED: Prepare a direct materials purchases budget for drums for the months of January and February. Patrick Inc. Direct Materials Purchases Budget – Drums For the Months of January and February   January February Production in units Drums per unit Drums for production Desired ending inventory Needed Less: Beginning inventory Purchases Price per drum Dollar purchases   Formulas   January February                            

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