2. Prepare the production budget 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. Use cell references from requirement 1 and prior calculations, if applicable. If you copy/paste from the Instructions tab or if you type the 8 numbers in, you will be marked wrong.) 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. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from prior requirements and calculations, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.) 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 Instructions tab or if you type the numbers in, you will be marked wrong.) 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 calculations and requirements, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong) 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. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations and requirements, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.) **DATA SHEET - DO NOT ENTER ANSWERS HERE** \begin{tabular}{|l|r|} \hline & Units \\ \hline October actual sales (prior year) & 92,000 \\ \hline November actual sales (prior year) & 85,000 \\ \hline December actual sales (prior year) & 78,000 \\ \hline January projected sales & 80,000 \\ \hline February projected sales & 90,000 \\ \hline March projected sales & 95,000 \\ \hline April projected sales & 105,000 \\ \hline \end{tabular} 1 220% of the total sales are cash sales 80% of the total sales are credit sales 4 The company's collection history indicates that: 50% of credit sales is collected in the month after the sale 10% is collected two months after the sale 6% is collected three months after the sale 4% is never collected 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 quatter. Saving \& Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open c. Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Summary 4 Within Score Summary window, click on Download (upper right) to download the spreadsheet with feedback The Master Budget Comprehensive summary problem Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores. \$15 Sales price per birdfeeder 1.5 Board feet of wood required for each birdfeeder $4 Cost per board foot (actual) 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 $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 Sales data for the company can be found on the "SALESDATA" tab. Use the blue shaded areas on the ENIERANSWERS tab for inputs. Always use cell references and formules where appropriate to recelve full credit. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong. 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. 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 lanuary, February, and March, as well as a summary for the first quarter. \begin{tabular}{l|l|l} INSTRUCTIONS & SALESDATA & ENTERANSWERS \\ \hline \end{tabular} 2. Prepare the production budget 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. Use cell references from requirement 1 and prior calculations, if applicable. If you copy/paste from the Instructions tab or if you type the 8 numbers in, you will be marked wrong.) 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. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from prior requirements and calculations, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.) 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 Instructions tab or if you type the numbers in, you will be marked wrong.) 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 calculations and requirements, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong) 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. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations and requirements, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.) **DATA SHEET - DO NOT ENTER ANSWERS HERE** \begin{tabular}{|l|r|} \hline & Units \\ \hline October actual sales (prior year) & 92,000 \\ \hline November actual sales (prior year) & 85,000 \\ \hline December actual sales (prior year) & 78,000 \\ \hline January projected sales & 80,000 \\ \hline February projected sales & 90,000 \\ \hline March projected sales & 95,000 \\ \hline April projected sales & 105,000 \\ \hline \end{tabular} 1 220% of the total sales are cash sales 80% of the total sales are credit sales 4 The company's collection history indicates that: 50% of credit sales is collected in the month after the sale 10% is collected two months after the sale 6% is collected three months after the sale 4% is never collected 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 quatter. Saving \& Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and click Open c. Click Upload button under step 3 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Summary 4 Within Score Summary window, click on Download (upper right) to download the spreadsheet with feedback The Master Budget Comprehensive summary problem Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores. \$15 Sales price per birdfeeder 1.5 Board feet of wood required for each birdfeeder $4 Cost per board foot (actual) 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 $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 Sales data for the company can be found on the "SALESDATA" tab. Use the blue shaded areas on the ENIERANSWERS tab for inputs. Always use cell references and formules where appropriate to recelve full credit. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong. 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. 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 lanuary, February, and March, as well as a summary for the first quarter. \begin{tabular}{l|l|l} INSTRUCTIONS & SALESDATA & ENTERANSWERS \\ \hline \end{tabular}
