Chapter 7 Worksheet 2 Complete in Excel with cell references. There is no template. You must set-up problems Traynor corporation has the following sales for Year 2 (the coming year) and for the first two quarters of Year 3 a. The company's single product sells for $8 pe unit. Budgeted unit sales for the next six quarters are as follows (all sales are on credit): Year 2 Quarter 2 3 60,000 100.000 1 40,000 Budgeted Unit Sales Year 3 Quarter 1 2 70,000 80,000 4 50,000 b. Sales are collected in the following patterns: 75% in the quarter the sales are made, and the remaining 25% in the following quarter. On January 1, Year 2, the company's balance sheet showed $65,000 in accounts receivable, all of which will be collected in the first quarter of the year. Bad debts are negligible and can be ignored. Create a sales budget and a schedule of expected cash collections. DUE MARCH 29, 2021 The company desires an ending finished goods inventory at the end of each quarter equal to 30% of the budgeted unit sales for the next quarter. On December 31, Year 1, the company had 12,000 units on hand. d. Five pounds of raw materials are required to complete one unit of product. The company requires ending raw materials inventory at the end of each quarter equal to 10% of the following quarter's production needs. On December 31, Year 1, the company had 23,000 pounds of raw materials on hand e. The raw material costs $.80 per pound. Raw material purchases are paid for in the following pattern: 60% paid in the quarter the purchases are made, and the remaining 40% paid in the following quarter. On January 1, Year 2, the company's balance sheet showed $81,500 in accounts payable for raw material purchases, all of which will be paid for in the first quarter of the year Create a production budget and a direct material budget, DUE APRIL 5, 2021. Create an expected cash payments for purchases of materials. DUE APRIL 12, 2021