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Preparing a Direct Materials Purchases Budget

December 10, 2023

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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