Preparing a Sales Budget Patrick Inc

Preparing a Sales Budget   Patrick Inc


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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
You may use any of the Additional Resources listed in the drop-down menu above to help you complete this activity, but you are not required to do so. To access each resource, click on its name in the drop-down menu above.
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