1. Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit) for the first three months of the year, as well as a summary budget for the quarter.
2. Prepare the production budget for the first three months of the year, as well as a summary budget for the quarter.
a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for
amounts to be subtracted.
3. Prepare the direct materials purchases budget for the first three months of the year, as well as a summary budget for the quarter. Assume the company needs 120,000 board feet of wood for production in April.
a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for
amounts to be subtracted.
b. Abbreviation used: DM = Direct materials
4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter.
5. Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter.
1 The Master Budget 2 Comprehensive summary problem 3 Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to 4 home improvement stores. 5 $15 Sales price per birdfeeder 1.5 Board feet of wood required for each birdfeeder 7 $4 Cost per board foot (actual) B 10% Desired ending wood inventory stated as a percentage of next month's production requirements 20% Desired ending finished goods inventory (finished birdfeeders) stated as a percentage of next month's sales 5 10 11 12 13 14 16 19 21 $550,000 Total cost of direct materials purchases in December 45% of direct materials purchases are paid in the month of purchase 55% of direct materials purchases are paid in the month after purchase 15 Sales data for the company can be found on the "SALESDATA" tab. 17 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you 18 copy/paste from the Instructions tab you will be marked wrong. 20 Requirements 1 Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit) for the first three months of the year, as well as a summary budget for the quarter. 2. Prepare the production budget for the first three months of the year, as well as a summary budget for the quarter. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. 3 Prepare the direct materials purchases budget for the first three months of the year, as well as a summary budget for the quarter. Assume the company needs 120,000 board feet of wood for production in April. 2. Enter all amounts as positive values. DO NOT use parentheses or a minus sign for amounts to be subtracted. b. Abbreviation used: DM = Direct materials 4 Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter. 5 Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. Saving & Submitting Solution 22 23 24 25 26 27 20 29 31 1 Suve file to desktop 32 a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 33 2 Upload and submit your file to be graded. INSTRUCTIONS SALESDATA ENTERANSWERS Ready Hile PROTECTED VIEW Be careful-files from the Internet can contain f **DATA SHEET -- DO NOT ENTER ANSWERS HERE G H F E B D **DATA SHEET - DO NOT ENTER ANSWERS HERE** 2 Units 3 4 October actual sales (prior year) 92,000 5 November actual sales (prior year) 85,000 6 December actual sales (prior year) 78,000 7 January projected sales 80,000 8 February projected sales 90,000 9 March projected sales 95,000 10 April projected sales 105,000 11 12 20% of the total sales are cash sales 80% of the total sales are credit sales 13 14 The company's collection history indicates that: 15 80% of credit sales is collected in the month after the sale 16 10% is collected two months after the sale 17 6% is collected three months after the sale 18 496 is never collected 19 20 21 22 22 24 25 26 27 28 29 30 31 32 33 34 35 36 B 38 39 40 41 NSTRUCTIONS SALESDATA ENTERANSWERS 1. Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit) for the first three months of the year, as well as a summary budget for the quarter. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 2 Instructions tab you will be marked wrong.) 3 S Birdfeeders Unlimited 4 Sales Budget For the Quarter Ended March 31 6 Month 7 February March January 1st Quarter 8 9 Unit sales (birdfeeders) 10 Multiply by: Selling price per birdfeeder 11 Total sales revenue 12 Type of sale: 13 Cash sales 14 Credit sales 15 Total sales revenue 16 2. Prepare the production budget for the first three months of the year, as well as a summary budget for the 17 quarter. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from requirement 1 and prior calculations, if applicable. If you copy/paste from the Instructions tab you will be marked 18 wrong.) 19 20 Birdfeeders Unlimited 21 Production Budget 22 For the Quarter Ended March 31 23 Month 24 January 25 Unit sales (birdfeeders) February March 1st Quarter 26 Plus: Desired ending inventory 27 Total needed 28 Less: Beginning inventory 29 Number of units to produce 30 INSTRUCTIONS SALESDATA ENTERANSWERS Ready 1. Prepare the sales Duuger, Al C D B -25 Unit sales (birdfeeders) 26 Plus: Desired ending inventory 27 Total needed 28 Less: Beginning inventory 29 Number of units to produce 30 34 3. Prepare the direct materials purchases budget for the first three months of the year, as well as a summary 31 budget for the quarter. Assume the company needs 120,000 board feet of wood for production in April. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from prior 32 requirements and calculations, if applicable. If you copy/paste from the Instructions tab you will be marked wrong.) 33 Birdfeeders Unlimited 35 Direct Materials Budget 36 For the Quarter Ended March 31 37 Month 38 January February March 1st Quarter 39 Units (birdfeeders) to be produced 40 Multiply by: Quantity (board feet) of DM needed per unit 41 Quantity (board feet) needed for production 42 Plus: Desired ending inventory of DM 43 Total quantity (board feet) needed 44 Less: Beginning inventory of DM 45 Quantity (board feet) to purchase 46 Multiply by: Cost per board foot 47 Total cost of DM purchases 48 Acrobat Morningstar Review View Help 9 . 1 Data Formulas Page Layout BER Draw File Home Insert General Wrap Text Condit Calibri - 12 - Ai 5 - 9 Formatt Xcut 22 Copy Paste Merge & Center - O A BIU Number Alignment Format Painter Clipboard Font 1. Prepare the sales budget, including a separate section that details the type of sales made D E AL 48 4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous So calculations and requirements. If applicable. If you copy/paste from the Instructions tab you will be marked wrong.) 51 52 Birdfeeders Unlimited 53 Cash Collections Budget 54 For the Quarter Ended March 31 55 Month January 56 February March 1st Quarter 57 Cash sales in current month 58 Collection on credit sales: 59 Credit sales made one month ago 60 Credit sales made two months ago 61 Credit sales made three months ago 62 Total cash collections 63 5. Prepare the cash payments budget for direct materials purchases for the months of January, February, and 64 March, as well as a summary for the first quarter. 67 (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous 65 calculations and requirements, if applicable. If you copy/paste from the Instructions tab you will be marked wrong.) 66 Birdfeeders Unlimited 68 Cash Payments for Direct Materials Purchases 69 For the Quarter Ended March 31 70 Month 71 January February March 1st Quarter 72 Total cost of DM purchases 73 Cash payments for current month purchases 94 Cash payments for prior month purchases 75 Total cash payments 76 INSTRUCTION SALESDATA ENTERANSWERS
