B C D E F G H Quarter 1 40,000 Year 2 Quarter 2 Quarter 3 10,000 30,000 Quarter 4 60,000 Year 3 Quarter 1 Quarter 2 70,000 90,000 1 Budgeting: Applying Excel 2 3 Data 4 5 Budgeted unit sales 6 7 Selling price per unit 8 Accounts receivable, beginning balance 9 Sales collected in the quarter sales are made Sales collected in the quarter after sales are made 11 : Desired ending finished goods inventory is 12 Finished goods inventory, beginning 13 Raw materials required to produce one unit 14 Desired ending inventory of raw materials is 15 Raw materials inventory, beginning 16 Raw material costs 17 Raw materials purchases are paid 18 and 19 Accounts payable for raw materials, beginning balance 10 $30 $40,000 60% 40% 15% of the budgeted unit sales of the next quarter 12,000 units 2 pounds 20% of the next quarter's production needs 24,000 pounds $2.50 per pound 85% in the quarter the purchases are made 15% in the quarter following purchase $45,000 21 Enter a formula into the cells below to complete the following budgets