CTG 131 Lab Chapter 8: Applying Excel Year 2 Quarter Year 3 Quarter ata Budgeted unit sales 40,00060,000100,000 50,000 70,000 80,000 S8 per unit 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 $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of thenext 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 Accounts payable for raw materials, beginning balance $81,500 Enter a formula into each of the cells marked with a ? below Review Problem: Budget Schedules Construct the sales budget Year 2 Quarter Year 3 Quarter |Budgeted unit sales 3,000 Selling price per unit 8 Total sales 6,000 $120,000 O Construct the schedule of expected cash collections Year 2 Quarter 2 Accounts receivable, beginning balance 3 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 Year 2 Quarter Year 3 Quarter Year 45 Required production Chapter 8 Form