Chapter 8: Applying Excel: Excel Worksheet (Part 1 of 2) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B26 enter the formula "= B5". Check your worksheet by changing the budgeted unit sales in Quarter 2 of Year 2 in cell C5 to 75,000 units. The total expected cash collections for the year should now be $2,085,000. If you do not get this answer, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking Browse." Next, click "Save." You will use this worksheet to answer the questions in Part 2. Data Year 2 Quarter 2 3 60,000 100,000 4 50,000 Year 3 Quarter 1 2 70,000 80,000 Budgeted unit sales Selling price per unit Accounts receivable, beginning balance Sales collected in the quarter sales are made Sales collected in the quarter after sales are made Desired ending finished goods inventory is Finished goods inventory, beginning Raw materials required to produce one unit Desired ending inventory of raw materials is Raw materials inventory, beginning Raw material costs Raw materials purchases are paid and Accounts payable for raw materials, beginning balance $8 per unit $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds $0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 Enter a formula into each of the cells marked with a ? below Review Problem: Budget Schedules Construct the sales budget 4 Year 2 Quarter 2 3 ? 2 ? Year 3 Quarter 1 2 ? ? Budgeted unit sales Selling price per unit Total sales . 2 ? 2 ? ? 2 ? ? ? . . . . Construct the schedule of expected cash collections Year 2 Quarter 2 3 4 Year ? ? ? ? Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth quarter sales Total cash collections ? ? ? ? Construct the production budget Year 3 Quarter Year 2 Quarter 2 3 4 Year ? ? ? Budgeted unit sales Add desired finished goods inventory Total needs Less beginning inventory Required production ? ? ? ? ? ? ? Construct the raw materials purchases budget Year 3 Quarter Year 2 Quarter 23 Year Required production (units) Raw materials required to produce one unit Production needs (pounds) Add desired ending inventory of raw materials (pounds) Total needs (pounds) Less beginning inventory of raw materials (pounds) Raw materials to be purchased Cost of raw materials per pound Cost of raw materials to be purchased 1 Year 2 Quarter 2 3 4 Year 58 59 Construct the schedule of expected cash payments 60 61 Accounts payable, beginning balance 62 First-quarter purchases 63 Second-quarter purchases 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements 67 68
