Clipboard Font G Alignment Number 056 - X fx 30 Construct the schedule of expected cash collections Year 2 Quarter 72 32 Accounts receivable, beginning balance 33 First quarter sales 34 Second-quarter sales 35 Third quarter sales 36 Fourth quarter sales 37 Total cash collections 38 39 Construct the production budget ? Year 2 Quarter Year 3 Quarter 3 Quarter 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production 46 47 Construct the raw materials purchases budger 48 49 Required production (units) 50 Raw materials required to produce one unit 51 Production needs (pounds) 52 Add desired ending inventory of raw materials (pounds) 53 Total needs (pounds) 54 Less beginning inventory of raw materials (pounds) 55 Raw materials to be purchased Cartol ine Chapter 8 Form Group Experience Type here to search o e LIPDUGU 056 - : * 3 Data Year 20 5 Budgeted unit sales 40,000 60,000 7 - Selling price per unit $8 per unit 8 - Accounts receivable, beginning balance $65,000 9. Sales collected in the quarter sales are made 75% 10 - Sales collected in the quarter after sales are made 25% 11. Desired ending finished goods inventory is 30% of the budget 12. Finished goods inventory, beginning 12,000 units 13. Raw materials required to produce one unit 5 pounds 14. Desired ending inventory of raw materials is 10% of the next qu 15 - Raw materials inventory, beginning 23,000 pounds 16. Raw material costs $0.80 per pound 17 . Raw materials purchases are paid 60% in the quarter 18 and 40% in the quarter 19. Accounts payable for raw materials, beginning balance $81,500 20 21 Enter a formula into each of the cells marked with a ? below 22 Review Problem: Budget Schedules 23 Year 2