**Download the Applying Excel form and enter formulas in all cells that contain question marks.**For example, in cell B26 enter the formula "= B5".**Required:**1. Check your worksheet by changing the budgeted unit sales in Quarter 2 of Year 2 in cell C5 to 75,000 units. The total expected cash collections for the year should now be $2,085,000. The required production for the year should be 274,000 units. The cost of raw materials to be purchased for the year should be $1,106,800, whereas the total cash disbursements for the year should be $1,095,980. If you do not get this answer, find the errors in your worksheet and correct them. ## Chapter 8: Applying Excel### Data OverviewThis section provides a comprehensive dataset used for budgeting and financial planning over multiple quarters. The dataset includes sales, production, and raw materials data.- **Budged Unit Sales:** - Year 2, Quarter 1: 40,000 units - Year 2, Quarter 2: 60,000 units - Year 2, Quarter 3: 100,000 units - Year 2, Quarter 4: 50,000 units - Year 3, Quarter 1: 70,000 units - Year 3, Quarter 2: 80,000 units- **Financial Assumptions:** - Selling price: $8 per unit - Accounts receivable, beginning balance: $65,000 - Sales collected: 75% in the quarter of sale, 25% after- **Inventory and Raw Materials:** - Beginning finished goods inventory: 12,000 units - Raw materials needed for one unit: 5 pounds - Desired ending inventory: 30% of next quarter's sales - Desired ending raw materials inventory: 10% of next quarter's needs - Beginning raw materials inventory: 23,000 pounds - Raw material cost: $0.80 per pound - Accounts payable for materials: $81,500### Budget Schedules**Construct the Sales Budget:**- Calculate sales by multiplying budgeted unit sales by the selling price per unit.**Schedule of Expected Cash Collections:**- Calculate expected collections based on when sales are made and collected.**Production Budget:**- Calculate production requirements by adding desired ending inventory to sales requirements, then subtracting beginning inventory.**Raw Materials Purchases Budget:**- Calculate the raw materials needed, including required and desired inventory, less the beginning inventory.**Schedule of Expected Cash Payments:**- Account for when raw material purchases are made and paid.These schedules rely on formulas to calculate figures for each quarter, promoting financial forecasting and budgeting accuracy.

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1 Chapter 8: Applying Excel 2 3 Data 4 5 Budgeted unit sales 6 7. 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 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 58 59 Construct the schedule of expected cash payments 60 61 Accounts payable, beginning balance 62 First-quarter purchases 63 Second-quarter purchases 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements 67 1 40,000 1 $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 1 5 pounds 10% of the next quarter's production needs 23,000 pounds 1 $8 per unit $0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 1 1 ? ? ? ? ? 2 ? ? ? ? 2 ? ? ? ? ? ? ? ▼ ? ? ? Year 2 Quarter 2 60,000 ▼ ? ? ▼ ▼ Year 2 Quarter 2 ? ? ? Year 2 Quarter 2 ? ? ? 3 100,000 ? ? ? ? ? Year 2 Quarter 2 Year 2 Quarter 2 ? 2 ? ? ? ? ? ? ? ? ? Year 2 Quarter 2 ? 3 3 3 3 3 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 4 50,000 ▼ ? ? ? ▼ 4 4 4 4 4 ? ? 2 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ✓ ? ? ? ? ? Year 3 Quarter 1 70.000 Year 3 Quarter 1 2 Year Year Year Year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2 2 ? ? P ? 2 2 80,000 ? ? ? Year 3 Quarter 1 2 ? ? ? 2 ? Year 3 Quarter 1 ? ? ? ?