Type your name here: Class hour: Online ACCT& 203 Excel Lab 3 Points Possible: 10 To receive full credit, you must use cell references (linking) when possible, and use Excel formulas for all calculated amounts. Save your file with your name in the file name. Submit on Canvas. Use the data on the Given Data worksheet to complete the Sales Budget, Schedule of Expected Cash Collections, Schedule of COGS, Merchandise Purchases Budget, and Schedule of Expected Cash Disbursements for Purchases for Luna Housewares, a merchandising company, for the first three months of the year. Totals will be validated to indicate whether they are correct or incorrect. 1. Sales Budget January February March Quarter Budgeted unit sales Selling price per unit Total budgeted sales 2. Schedule of Expected Cash Collections January February March Quarter Accounts receivable, beginning balance January sales February sales March sales Total cash collections 3. Schedule of Cost of Goods Sold January February March Quarter Total budgeted sales (from row 21) Cost of Goods Sold % Total budgeted cost of goods sold 4. Merchandise Purchases Budget January February March Quarter Budgeted cost of goods sold (from row 35) Add desired ending inventory Total needs Less beginning inventory Total budgeted purchases 5. Schedule of Expected Cash Disbursements for Purchases January February March Quarter Accounts payable, beginning balance January purchases February purchases March purchases Total cash disbursements

Given Data Budget data for Luna Housewares, a merchandising company: a) Budgeted unit sales January 13,000 February 10,000 March 11,000 April 12,000 b) Selling price, per unit: $60 c) All sales are on account, there are no uncollectible accounts Percent of sales collected in the month of sale 60% Percent of sales collected in the month following the sale 40% Beginning Accounts Receivable balance (from Dec. sales), $310,000 all of which will be collected in January d) Each month's ending inventory must equal: 25% of next month's budgeted sales The cost of goods sold: 55% of sales Beginning inventory on January 1 $205,000 e) All merchandise purchases are on account Percent of merchandise purchases paid for in month of purchase 50% Percent of purchases paid for in the month following the purchase 50% Accounts Payable balance at Dec. 31, which will be paid in Jan. $210,000