Question: Data Year 2 Quarter Year 3 Quarter 2 3 1 2 1 4 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 Selling price per

Data Year 2 Quarter Year 3 Quarter 2 3 1 2 1 4 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 $8 per unit $65,000 75% 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 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 and Accounts payable for raw materials, beginning balance Enter a formula into each of the cells marked with a ? below Review Problem : Budget Sched ules Year 3 Quarter Year 2 Quarter Construct the sales budget 2 1 4 3 2 1 ? ? ? ? Budgeted unit sales Selling price per unit Total sales ? ? ? ? Year 2 Quarter Construct the schedule of expected cash collections Year 4 3 2 1 Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections ? ? ? 2 ? ? Year 3 Quarter Year 2 Quarter Construct the production budget 2 1 Year 4 3 1 ? Budgeted unit sales Add desired finished goods inventory Total needs ? ? ? ? ? 2 Less beginning inventory Required production 2 ? Year 3 Quarter Year 2 Quarter Construct the raw materials purchases budget Year 4 3 2 1 ? Required production (units) Raw materials required to produce one unit Production needs (pounds) Add desired ending inventory of raw materials (pounds) 2 ? ? 2 2 ? ? 2 ? ? ? ? ? ? ? ? Total needs ? ? ? Less beginning inventory Required production ? Year 3 Quarter Year 2 Quarter Construct the raw materials purchases budget Year 4 3 2 1 7 Required production (units) Raw materials required to produce one unit Production needs (pounds) Add desired ending inventory of raw materials (pounds) Total needs (pounds) Less beginning inventory of raw materials (pounds) Raw materials to be purchased Cost of raw materials per pound Cost of raw materials to be purchased ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 7 ? Year 2 Quarter Construct the schedule of expected cash payments Year 4 3 2 1 ? Accounts payable, beginning balance First-quarter purchases Second-quarter purchases Third-quarter purchases Fourth-quarter purchases ? ? ? ? ? ? ? ? ? ? Total cash disbursements

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