Using the information below, construct a three-month cash budget for Galaxy Lighting. You will submit your budget on the Excel template provided for you.

Assignment Information: Cash Receipts Information: Galaxy Lighting Company Manufactures and sells lighting fixtures. Estimated sales for the months of September, October, and November are $350,000, $500,000 and $400,000, respectively. Actual sales for August were $400,000. These numbers are entered on your Excel template. Galaxy estimates that 60% of sales are collected in the month of the sale and 40% are collected the following month. Inventory Purchases Information: 60% of monthly purchases are paid in the month of purchase and the remainder are paid in the following month. Estimated Purchases for September, October and November are 219,000, 294,000 and 216,000, respectively. Actual purchases for August are 237,000. These numbers are entered on your Excel template. Additional information: In addition to the inventory purchases noted above, the company pays selling and administrative expenses of $120,000 per month. The cash balance at the beginning of September is $100,000.

Assignment Instructions: Using this assignment information and the template provided, construct a cash budget for the three months of September, October and November. As an example, the budget for September is completed on the template. Download the template and save it with your name in the file title. After you have completed the cash budget, submit your completed Excel document in the assignment area.

Galaxy Lighting Company Monthly Cash Budget For the Months of September, October and November 60% Collected Current Month 40% Collected Previous Month 60% Current Month 40% Previous Month 120,000 Monthly cash selling and admin expenses