Problem $1(12$ points$)$ The McCrummen Company prepared the following Sales Budget for $2024.$

Month

Jan

Feb

Mar

Apr

Expected Unit Sales

$2,500$

$3,100$

$4,200$

$3,400$

Instructions: Prepare a Production Budget using the Sales Budget and the following additional information on a scratch paper and then answer the questions by filling in the blanks. Do not use commas.

Management desires to have an ending finished goods inventory for each month equal to $10\%$ of the following month's budgeted sales. Beginning finished goods inventory for Jan $2024$ is $250$ units.

Production Budget

Month

Expected Unit Sales

Ending Finished Goods Inventory

Mar

Required

Mar

Beginning Finished Goods Inventory

Jan

$2,500$

Jan

Jan

Jan

Feb

$3,100$

$4,200$

$3,400$

Feb

Feb

Feb