Review Problem: Budget Schedules Construct the sales budget Year 2 Quarter 2 Year 3 Quarter 1 4 1 2 Budgeted unit sales Selling price per unit Total sales ? ? ? ? ? ? ? ? ? |Construct the schedule of expected cash collections Year 2 Quarter 1 2 3 4 Year Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections ? ? ? ? ? ? ? ? ? ? ?
Review Problem: Budget Schedules Construct the sales budget Year 2 Quarter 2 Year 3 Quarter 1 4 1 2 Budgeted unit sales Selling price per unit Total sales ? ? ? ? ? ? ? ? ? |Construct the schedule of expected cash collections Year 2 Quarter 1 2 3 4 Year Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections ? ? ? ? ? ? ? ? ? ? ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Review Problem: Budget Schedules
Construct the sales budget
Year 2 Quarter
Year 3 Quarter
1
3
4
Budgeted unit sales
Selling price per unit
Total sales
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Construct the schedule of expected cash collections
Year 2 Quarter
1
3
4
Year
Accounts receivable, beginning balance
First-quarter sales
Second-quarter sales
Third-quarter sales
Fourth-quarter sales
?
?
?
?
?
?
?
Total cash collections
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae5457a3-ede1-4374-a114-d02aa39e6df5%2Fb28d05c6-ffa2-4d98-97c7-5aad9a34587a%2Fcfckxdk_processed.png&w=3840&q=75)
Transcribed Image Text:Review Problem: Budget Schedules
Construct the sales budget
Year 2 Quarter
Year 3 Quarter
1
3
4
Budgeted unit sales
Selling price per unit
Total sales
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Construct the schedule of expected cash collections
Year 2 Quarter
1
3
4
Year
Accounts receivable, beginning balance
First-quarter sales
Second-quarter sales
Third-quarter sales
Fourth-quarter sales
?
?
?
?
?
?
?
Total cash collections
?
![Data
Year 2 Quarter
Year 3 Quarter
1
2
3
4
1
2
Budgeted unit sales
40,000
60,000
100,000
50,000
70,000
80,000
• 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
$12 per unit
$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
$0.80 per pound
60% in the quarter the purchases are made
40% in the quarter following purchase
$81,500
•Direct labor cost per hour
•Direct labor hour per unit
$15 per hour
0.2 hour per unit
$2 per hour
$60,000
•Variable MOH rate
•Total fixed MOH
•Variable S&A expense rate
$1.80 per unit
$50,000
12%
•Minimum cash balance
•Annual Interest rate](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae5457a3-ede1-4374-a114-d02aa39e6df5%2Fb28d05c6-ffa2-4d98-97c7-5aad9a34587a%2Fe2m97p_processed.png&w=3840&q=75)
Transcribed Image Text:Data
Year 2 Quarter
Year 3 Quarter
1
2
3
4
1
2
Budgeted unit sales
40,000
60,000
100,000
50,000
70,000
80,000
• 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
$12 per unit
$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
$0.80 per pound
60% in the quarter the purchases are made
40% in the quarter following purchase
$81,500
•Direct labor cost per hour
•Direct labor hour per unit
$15 per hour
0.2 hour per unit
$2 per hour
$60,000
•Variable MOH rate
•Total fixed MOH
•Variable S&A expense rate
$1.80 per unit
$50,000
12%
•Minimum cash balance
•Annual Interest rate
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