Budget data for Fashion Forward, a merchandising company: a) Budgeted unit sales January February March April b) Selling price, per unit: c) All sales are on account, there are no uncollectible accounts Percent of sales collected in the month of sale Percent of sales collected in the month following the sale Beginning Accounts Receivable balance (from Dec. sales), all of which will be collected in January d) Each month's ending inventory must equal: The cost of goods sold: Beginning inventory on January 1 e) All merchandise purchases are on account Percent of merchandise purchases paid for in month of purchase Percent of purchases paid for in the month following the purchase Accounts Payable balance at Dec. 31, which will be paid in Jan. 13,000 10,000 11,000 12,000 $60 60% 40% $360,000 25% of next month's budgeted sales 55% of sales $195,000 50% 50% $214,500 Points Possible: 10 To receive full credit, you must use cell references (linking) when possible, and use Excel formulas for all calculated amounts. Use the data on the Given Data worksheet to complete the Sales Budget, Schedule of Expected Cash Collections, Schedule of COGS, Merchandise Purchases Budget, and Schedule of Expected Cash Disbursements for Purchases for a merchandising company for the first three months of the year. Totals will be validated to indicate whether they are correct or incorrect. 1. Sales Budget Budgeted unit sales January February March Quarter Selling price per unit Total budgeted sales 2. Schedule of Expected Cash Collections January February March Quarter Accounts receivable, beginning balance January sales February sales March sales Total cash collections 3. Schedule of Cost of Goods Sold January February March Quarter Total budgeted sales (from row 21) Cost of Goods Sold % Total budgeted cost of goods sold 4. Merchandise Purchases Budget January February March Quarter Budgeted cost of goods sold (from row 35) Add desired ending inventory Total needs Less beginning inventory Total budgeted purchases 5. Schedule of Expected Cash Disbursements for Purchases January February March Quarter Accounts payable, beginning balance January purchases February purchases March purchases Total cash disbursements