Changing the budgeted unit sales in Quarter 2 of Year 2 to 75,000 units. The total expected cash collections for the year should now be $2,085,000. The required production for the year should be 274,000 units. The cost of raw materials to be purchased for the year should be $1,106,800, whereas the total cash disbursements for the year should be $1,095,980.

Use the information above to answer and apply to the Problem in the Excel photo attached.

Solve below using the above information update

Solve Construct Sales Budget

Solve Construct the schedule of expected cash collection

Solve Construct the production budget

Solve Construct the raw materials purchases budget

Solve Construct the schedule of expected cash payments

1 Chapter 8: Applying Excel - Selling price per unit $8 per unit - Accounts receivable, beginning balance $65,000 - Sales collected in the quarter sales are made 75% - Sales collected in the quarter after sales are made 25% - Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter 12 - Finished goods inventory, beginning 12,000 units - Raw materials required to produce one unit 5 pounds - Desired ending inventory of raw materials is 10% of the next quarter's production needs - Raw materials inventory, beginning 23,000 pounds - Raw material costs $0.80 per pound - Raw materials purchases are paid 60% in the quarter the purchases are made and - Accounts payable for raw materials, beginning balance $81,500 Enter a formula into each of the cells marked with a ? below Review Problem: Budget Schedules 24 Construct the sales budget 25 Budgeted unit sales Selling price per unit Total sales \begin{tabular}{|r|r|r|r|r|r|} \hline \multicolumn{3}{|c|}{ Year 2 Quarter } & \multicolumn{2}{l|}{ Year 3 Quarter } \\ \hline 1 & 2 & 3 & 4 & 1 & \multicolumn{1}{l|}{2} \\ \hline 40,000 & 75,000 & 100,000 & 50,000 & 70,000 & 80,000 \\ \hline$8 & per unit & $0 & $0 & $0 & $0 \\ \hline? & ? & ? & ? & ? & ? \\ \hline \hline \end{tabular} Construct the schedule of expected cash collections 31 Accounts receivable, beginning balance 33 First-quarter sales 34 Second-quarter sales 35 Third-quarter sales A B C F H 29 Construct the schedule of expected cash collections Year 2 Quarter 31 Accounts receivable, beginning balance 33 First-quarter sales 34 Second-quarter sales 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections