48ec449cc8e37f7691033677a82dffba Chapter 8: Applying Excel Data • • Budgeted unit sales Selling price per unit • Accounts receivable, beginning balance Sales collected in the quarter sales are made Sales collected in the quarter after sales are made Desired ending finished goods inventory is Finished goods inventory, beginning Raw materials required to produce one unit Desired ending inventory of raw materials is Raw materials inventory, beginning Raw material costs Raw materials purchases are paid and • Accounts payable for raw materials, beginning balance Year 2 Quarter 1 2 3 4 40,000 60,000 100,000 50,000 $8 per unit $65,000 75% 25% 30% of the budgeted unit sales of the next qua 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds $0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 Enter a formula into each of the cells marked with a ? below Review Problem: Budget Schedules Construct the sales budget Budgeted unit sales Selling price per unit Total sales Year 2 Quarter 1 2 3 4 ? ? ? ? ? ? ? ? Construct the schedule of expected cash collections Year 2 Quarter 1 2 3 4 Accounts receivable, beginning balance ? First-quarter sales ? ? Second-quarter sales งง ? Third-quarter sales Fourth-quarter sales Total cash collections ? ? 22 ? ? ? ? ? ? Construct the production budget Year 2 Quarter 1 2 3 4 Budgeted unit sales ? ? ? Add desired finished goods inventory Total needs ? ? ? ? ? ? ? Less beginning inventory ? ? ? ? Required production ? ? ? ? Construct the raw materials purchases budget Year 2 Quarter 1 2 3 4 Required production (units) ? ? ? ? Raw materials required to produce one unit ? ? ? Production needs (pounds) ? ? ? ? Add desired ending inventory of raw materials (pounds) Total needs (pounds) ? ? ? ? ? ? ? Less beginning inventory of raw materials (pounds) ? ? ? ? Raw materials to be purchased ? ? ? ? Cost of raw materials per pound ? ? ? ? Cost of raw materials to be purchased Page 1 ? ? ? ?