Year 3 Quarter 1 2 70.000 80.000 Data Year 2 Quarter 4 1 2 3 5 Budgeted unit sales 40,000 60.000 100,000 50,000 6 7 Selling price per unit $8 8 Accounts receivable, beginning balance $65,000 9 Sales collected in the quarter sales are made 75% 10 Sales collected in the quarter after sales are made 25% 11 Desired ending finished goods inventory is 30% of the budgeted unt sales of the next quarter 12 . Finished goods inventory, beginning 12,000 units 13 - Raw materials required to produce one unit 5 pounds 14 . Desired ending inventory of raw materials is 10% of the next quarter's production needs 15 - Raw materials inventory, beginning 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 18 and 40% in the quarter following purchase 19 Accounts payable for raw materials, beginning balance $81,500 20 21 Enter a formula into each of the cells marked with a ? below 22 23 Review Problem: Budget Schedules 24 25 Construct the sales budget Year 2 Quarter 26 1 2 3 4 27 Budgeted unit sales 40,000 60,000 100,000 50,000 28 Selling price per unit $8 $8 $8 $8 29 Total sales $320,000 $480,000 $800,000 $400,000 30 31 32 Construct the schedule of expected cash collections Year 2 Quarter 33 2 3 4 34 Beginning balance accounts receivable 65.000 35 First quarter salos ? ? 36 Second quarter sales ? ? 37 Third-quarter sales ? ? 38 Fourth quarter sales ? 39 Total ansh collections ? ? ? ? 40 41 42 Yoar 2 Quarter 43 1 2 3 4 44 Expected Account Receivable at the end of Qrt ? ? ? ? Year 3 Quarter 1 2 70,000 B0,000 $B $8 $560,000 $640,000 Year 7