Required information The Chapter 8 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. Requirement 2: The company has just hired a new marketing manager who insists that unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Datal Budgeted unit sales Selling price per unit 1 Chapter 8: Applying Excel A Year 2 Quarter Year 3 Quarter 1 45,000 2 70,000 105,000 3 4 65,000 1 80,000 2 90,000 $7 B C D E F G 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 Year 3 Quarter 1 2 3 4 1 2 45,000 70,000 105,000 65,000 80,000 90,000 $ 7 per unit $ 65,000 75% 10 Sales collected in the quarter after sales are made 11 Desired ending finished goods inventory is 12 Finished goods inventory, beginning 25% 30% of the budgeted unit sales of the next quarter 12,000 units 13 Raw materials required to produce one unit 5 pounds 14 Desired ending inventory of raw materials is 15 Raw materials inventory, beginning 10% of the next quarter's production needs 23,000 pounds 16 Raw material costs $ 0.80 per pound 17 Raw materials purchases are paid 60% in the quarter the purchases are made and 18 40% in the quarter following purchase 19 Accounts payable for raw materials, beginning balance $ 81,500 a. What are the total expected cash collections for the year under this revised budget? Expected cash collections for the year $1,945,250 b. What is the total required production for the year under this revised budget? Total required production for the year