Homework Help is Here – Start Your Trial Now!
Business
Accounting
Chapter 8: Applying Excel Data A 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 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 Construct the schedule of expected cash collections Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections Construct the production budget Budgeted unit sales Add desired finished goods inventory Total needs Less beginning inventory Required production B 1 45,000 $7 per unit 1 1 45,000 1 $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds ? ? C 40% in the quarter following purchase $81,500 ? ? ? Year 2 Quarter 2 65,000 $0.80 per pound 60% in the quarter the purchases are made ? ? ? ▼ ▼ D 3 115,000 Year 2 Quarter 2 65,000 ? ? ? ? ? Year 2 Quarter 2 ? ? ? ? ? 3 115,000 ? ? Year 2 Quarter 2 3 3 ? ? ? E 4 65,000 ? ? ? ? ? ▼ 4 65,000 ? ? 7 4 4 ? ? ? ? ? ? ? ? F Year 3 Quarter 1 85,000 Year Year 3 Quarter 1 85,000 ? ? Year ? ? ? ? ? ? ? ? G ? ? ? ▼ 2 95,000 2 95,000 ? ? H Year 3 Quarter 1 2 ? ? ? ? ? ? I J K L M

Chapter 8: Applying Excel Data A 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 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 Construct the schedule of expected cash collections Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections Construct the production budget Budgeted unit sales Add desired finished goods inventory Total needs Less beginning inventory Required production B 1 45,000 $7 per unit 1 1 45,000 1 $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds ? ? C 40% in the quarter following purchase $81,500 ? ? ? Year 2 Quarter 2 65,000 $0.80 per pound 60% in the quarter the purchases are made ? ? ? ▼ ▼ D 3 115,000 Year 2 Quarter 2 65,000 ? ? ? ? ? Year 2 Quarter 2 ? ? ? ? ? 3 115,000 ? ? Year 2 Quarter 2 3 3 ? ? ? E 4 65,000 ? ? ? ? ? ▼ 4 65,000 ? ? 7 4 4 ? ? ? ? ? ? ? ? F Year 3 Quarter 1 85,000 Year Year 3 Quarter 1 85,000 ? ? Year ? ? ? ? ? ? ? ? G ? ? ? ▼ 2 95,000 2 95,000 ? ? H Year 3 Quarter 1 2 ? ? ? ? ? ? I J K L M

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

complete the excel sheet only showing formula and calculations

 

B27 123456700 X ✓ fx ? Chapter 8: Applying Excel Data A Budgeted unit sales Selling price per unit 8 • Accounts receivable, beginning balance 9 • Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 Desired ending finished goods inventory is 12 • Finished goods inventory, beginning 13 • Raw materials required to produce one unit 14. Desired ending inventory of raw materials is 15 Raw materials inventory, beginning 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance 20 21 Enter a formula into each of the cells marked with a ? below 22 Review Problem: Budget Schedules 23 24 Construct the sales budget 25 26 Budgeted unit sales 27 Selling price per unit 28 Total sales 29 30 Construct the schedule of expected cash collections 31 32 Accounts receivable, beginning balance 33 First-quarter sales 34 Second-quarter sales 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections 38 39 Construct the production budget 40 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production B 1 45,000 $7 per unit 1 1 45,000 ? ? 1 $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units C 5 pounds 10% of the next quarter's production needs 23,000 pounds 40% in the quarter following purchase $81,500 Year 2 Quarter 2 65,000 ? ? ? $0.80 per pound 60% in the quarter the purchases are made ? ? ? ? ? 3 115,000 Year 2 Quarter 2 65,000 ? ? ? ? Year 2 Quarter 2 ? 3 115,000 ? ? ? ? ? 3 Year 2 Quarter 2 3 ? ? E ? ? 4 65,000 ? ? ? ? ? ? 4 65,000 4 4 ? ? ? ? ? ? ? ? ? ? F Year 3 Quarter 1 85,000 85,000 ? ? Year 3 Quarter 1 Year Year ? ? ? ? ? ? ? ..... ? ? G ? ? 2 95,000 2 95,000 ? ? H Year 3 Quarter 1 2 ? ? ? ? ? ? J K L M
Transcribed Image Text:B27 123456700 X ✓ fx ? Chapter 8: Applying Excel Data A Budgeted unit sales Selling price per unit 8 • Accounts receivable, beginning balance 9 • Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 Desired ending finished goods inventory is 12 • Finished goods inventory, beginning 13 • Raw materials required to produce one unit 14. Desired ending inventory of raw materials is 15 Raw materials inventory, beginning 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance 20 21 Enter a formula into each of the cells marked with a ? below 22 Review Problem: Budget Schedules 23 24 Construct the sales budget 25 26 Budgeted unit sales 27 Selling price per unit 28 Total sales 29 30 Construct the schedule of expected cash collections 31 32 Accounts receivable, beginning balance 33 First-quarter sales 34 Second-quarter sales 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections 38 39 Construct the production budget 40 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production B 1 45,000 $7 per unit 1 1 45,000 ? ? 1 $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units C 5 pounds 10% of the next quarter's production needs 23,000 pounds 40% in the quarter following purchase $81,500 Year 2 Quarter 2 65,000 ? ? ? $0.80 per pound 60% in the quarter the purchases are made ? ? ? ? ? 3 115,000 Year 2 Quarter 2 65,000 ? ? ? ? Year 2 Quarter 2 ? 3 115,000 ? ? ? ? ? 3 Year 2 Quarter 2 3 ? ? E ? ? 4 65,000 ? ? ? ? ? ? 4 65,000 4 4 ? ? ? ? ? ? ? ? ? ? F Year 3 Quarter 1 85,000 85,000 ? ? Year 3 Quarter 1 Year Year ? ? ? ? ? ? ? ..... ? ? G ? ? 2 95,000 2 95,000 ? ? H Year 3 Quarter 1 2 ? ? ? ? ? ? J K L M
Requirement 2: The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Data Budgeted unit sales Selling price per unit Chapter 8: Applying Excel ∞ a 1 2 3 4 5 6 7 Selling price per unit 8 • Accounts receivable, beginning balance Data A Budgeted unit sales 1 45,000 $7 Year 2 Quarter 2 3 65,000 115,000 9 Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 • Finished goods inventory, beginning 13 • Raw materials required to produce one unit 14 • Desired ending inventory of raw materials is 15 • Raw materials inventory, beginning 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ B 1 4 65,000 45,000 с 2 7 per unit Year 3 Quarter 1 2 85,000 95,000 65,000 D 3 115,000 5 pounds 10% of the next quarter's production needs 23,000 pounds E 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500 4 65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 65,000 F Year 3 Quarter 1 85,000 G 2 95,000
Transcribed Image Text:Requirement 2: The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Data Budgeted unit sales Selling price per unit Chapter 8: Applying Excel ∞ a 1 2 3 4 5 6 7 Selling price per unit 8 • Accounts receivable, beginning balance Data A Budgeted unit sales 1 45,000 $7 Year 2 Quarter 2 3 65,000 115,000 9 Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 • Finished goods inventory, beginning 13 • Raw materials required to produce one unit 14 • Desired ending inventory of raw materials is 15 • Raw materials inventory, beginning 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ B 1 4 65,000 45,000 с 2 7 per unit Year 3 Quarter 1 2 85,000 95,000 65,000 D 3 115,000 5 pounds 10% of the next quarter's production needs 23,000 pounds E 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500 4 65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 65,000 F Year 3 Quarter 1 85,000 G 2 95,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

complete the excel sheet only showing formula and calculations

 

Requirement 2: The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Data Budgeted unit sales Selling price per unit Chapter 8: Applying Excel ∞ a 1 2 3 4 5 6 7 Selling price per unit 8 • Accounts receivable, beginning balance Data A Budgeted unit sales 1 45,000 $7 Year 2 Quarter 2 3 65,000 115,000 9 Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 • Finished goods inventory, beginning 13 • Raw materials required to produce one unit 14 • Desired ending inventory of raw materials is 15 • Raw materials inventory, beginning 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ B 1 4 65,000 45,000 с 2 7 per unit Year 3 Quarter 1 2 85,000 95,000 65,000 D 3 115,000 5 pounds 10% of the next quarter's production needs 23,000 pounds E 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500 4 65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 65,000 F Year 3 Quarter 1 85,000 G 2 95,000
Transcribed Image Text:Requirement 2: The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Data Budgeted unit sales Selling price per unit Chapter 8: Applying Excel ∞ a 1 2 3 4 5 6 7 Selling price per unit 8 • Accounts receivable, beginning balance Data A Budgeted unit sales 1 45,000 $7 Year 2 Quarter 2 3 65,000 115,000 9 Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 • Finished goods inventory, beginning 13 • Raw materials required to produce one unit 14 • Desired ending inventory of raw materials is 15 • Raw materials inventory, beginning 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ B 1 4 65,000 45,000 с 2 7 per unit Year 3 Quarter 1 2 85,000 95,000 65,000 D 3 115,000 5 pounds 10% of the next quarter's production needs 23,000 pounds E 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500 4 65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 65,000 F Year 3 Quarter 1 85,000 G 2 95,000
J54 y en wanne 28 Total sales 29 30 Construct the schedule of expected cash collections 31 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections 32 Accounts receivable, beginning balance 33 First-quarter sales 34 Second-quarter sales fx A 38 39 Construct the production budget 40 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production 46 47 Construct the raw materials purchases budget 48 49 Required production (units) 50 Raw materials required to produce one unit 51 Production needs (pounds) 52 Add desired ending inventory of raw materials (pounds) 53 Total needs (pounds) 54 Less beginning inventory of raw materials (pounds) 55 Raw materials to be purchased 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased 63 Second-quarter purchases 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements 67 68 69 58 59 Construct the schedule of expected cash payments 60 61 Accounts payable, beginning balance 62 First-quarter purchases 70 71 $ B $315,000 1 65,000 236,250 $ $ 301,250 $ 1 45,000 19,500 64,500 (12,000) 52,500 1 1 ? ? ? ? ? ? ? ? ? ? ? ? C $455,000 Year 2 Quarter 2 78,750 341,250 $805,000 ? ? ? ? ? ? ? 420,000 $ 717,500 ? ? 3 $ 113,750 Year 2 Quarter 2 ? ? ? Year 2 Quarter 2 3 4 65,000 115,000 65,000 34,500 19,500 25,500 99,500 134,500 90,500 (19,500) (34,500) (19,500) 80,000 100,000 71,000 603,750 $ 201,250 Year 2 Quarter 2 3 3 ? ? ? ? ? ? ? ? ? ? ? ? E F $455,000 F 4 4 4 341,250 $ 542,500 $ 1,981,250 ? ? ? ? ? ? ? ? ? $ ? ? ? F $595,000 Year 65,000 315,000 455,000 805,000 341,250 Year 290,000 25,500 315,500 (12,000) 303,500 Year Year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? G $665,000 Year 3 Quarter 1 85,000 28,500 113,500 (25,500) 88,000 Year 3 Quarter 1 H ? ? ? 2 95,000 I J K L M N O P Q R
Transcribed Image Text:J54 y en wanne 28 Total sales 29 30 Construct the schedule of expected cash collections 31 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections 32 Accounts receivable, beginning balance 33 First-quarter sales 34 Second-quarter sales fx A 38 39 Construct the production budget 40 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production 46 47 Construct the raw materials purchases budget 48 49 Required production (units) 50 Raw materials required to produce one unit 51 Production needs (pounds) 52 Add desired ending inventory of raw materials (pounds) 53 Total needs (pounds) 54 Less beginning inventory of raw materials (pounds) 55 Raw materials to be purchased 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased 63 Second-quarter purchases 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements 67 68 69 58 59 Construct the schedule of expected cash payments 60 61 Accounts payable, beginning balance 62 First-quarter purchases 70 71 $ B $315,000 1 65,000 236,250 $ $ 301,250 $ 1 45,000 19,500 64,500 (12,000) 52,500 1 1 ? ? ? ? ? ? ? ? ? ? ? ? C $455,000 Year 2 Quarter 2 78,750 341,250 $805,000 ? ? ? ? ? ? ? 420,000 $ 717,500 ? ? 3 $ 113,750 Year 2 Quarter 2 ? ? ? Year 2 Quarter 2 3 4 65,000 115,000 65,000 34,500 19,500 25,500 99,500 134,500 90,500 (19,500) (34,500) (19,500) 80,000 100,000 71,000 603,750 $ 201,250 Year 2 Quarter 2 3 3 ? ? ? ? ? ? ? ? ? ? ? ? E F $455,000 F 4 4 4 341,250 $ 542,500 $ 1,981,250 ? ? ? ? ? ? ? ? ? $ ? ? ? F $595,000 Year 65,000 315,000 455,000 805,000 341,250 Year 290,000 25,500 315,500 (12,000) 303,500 Year Year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? G $665,000 Year 3 Quarter 1 85,000 28,500 113,500 (25,500) 88,000 Year 3 Quarter 1 H ? ? ? 2 95,000 I J K L M N O P Q R
Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS