Question: Budgeting: Applying Excel Data Year 2 Year 3 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Budgeted unit sales 30,000 70,000

Budgeting: Applying Excel
Data Year 2 Year 3
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2
Budgeted unit sales 30,000 70,000 40,000 90,000 50,000 70,000
Selling price per unit $25
Accounts receivable, beginning balance $40,000
Sales collected in the quarter sales are made 85%
Sales collected in the quarter after sales are made 10%
Desired ending finished goods inventory is 15% of the budgeted unit sales of the next quarter
Finished goods inventory, beginning 15,000 units
Raw materials required to produce one unit 2 pounds
Desired ending inventory of raw materials is 20% of the next quarter's production needs
Raw materials inventory, beginning 10,000 pounds
Raw material costs $2.00 per pound
Raw materials purchases are paid 75% in the quarter the purchases are made
and 25% in the quarter following purchase
Accounts payable for raw materials, beginning balance $60,000

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