Preparing a Sales Budget Patrick Inc. sells industrial solvents in 5-gallon drums. Patrick expects the following units to be sold in the first three months of the coming year: January 41,000 February 38,000 March 50,000 The average price for a drum is $35. Required: Prepare a sales budget for the first 3 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 $ $ $ $

Patrick Inc.      

Sales Budget    

For the First Quarter    

JanuaryFebruaryMarchTotal Quarter 1

Sale Units  41,000   38,000   50,000   129,000  

Average Selling Price per Unit$35.00  $35.00  $35.00  

Sales Value   $1,435,000   $1,330,000   $1,750,000   $4,515,000  

Explanation:

The Sales unit for each month is multiplied by its average sales price for e.g for January (41,000 units × by $35 = $ 1,435,000)

The Quarter totals (Units and sales Values in $) are added up to give the answer under the heading of Total Quarter 1.

The working is also attached with the answer.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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