Question: Hi, I need Accounting help please Preparing a Direct Materials Purchases Budget Patrick Inc. makes industrial solvents sold in five-gallon drums. Planned production in units

Hi, I need Accounting help please

Hi, I need Accounting help please Preparing a Direct Materials Purchases Budget

Patrick Inc. makes industrial solvents sold in five-gallon drums. Planned production in

units for the first three months of the coming year is: January

40,000 February 50,000 March 60,000 Each drum requires 6 gallons of chemicals

Preparing a Direct Materials Purchases Budget Patrick Inc. makes industrial solvents sold in five-gallon drums. Planned production in units for the first three months of the coming year is: January 40,000 February 50,000 March 60,000 Each drum requires 6 gallons of chemicals and one plastic drum. Company policy requires that ending inventories of raw materials for each month be 20% of the next month's production needs. That policy was met for the ending inventory of December in the prior year. The cost of one gallon of chemicals is $2.00. The cost of one drum is $1.60. Required i. 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? Round your answers to the nearest whole gallon. Ending inventory for December gallons Ending inventory for January gallons Ending inventory for February gallons Beginning inventory for January gallons 2. Prepare a direct material purchases budget for chemicals for the months of January and February. Round Dollar purchases the nearest dollar. Round all the other values to the nearest whole unit. Do not include a multiplication symbol as part of your

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