Data 1 40.000 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 1 4 Budgeted unit sales Selling price per unit Total sales ? ? ? Year 2 Quarter 2 3 ? ? ? ? ? ? ? ? ? Year 3 Quarter 1 2 ? ? ? ? ? ? Construct the schedule of expected cash collections Year 2 Quarter 2 3 1 4 Year ? ? ? ? Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth quarter sales Total cash collections ? ? ? ? ? ? ? ? ? 2 ? ? ? ? ? Construct the production budget 1 4 Year ? Budgeted unit sales Add desired finished goods inventory Total needs Less beginning inventory Required production ? ? ? ? ? Year 2 Quarter 2 3 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Year 3 Quarter 1 2 ? ? ? ? ? 4 Year Year 2 Quarter 2 3 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Year 3 Quarter 1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 46 47 Construct the raw materials purchases budget 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 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased 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 69 70 Year 2 Quarter 2 3 1 4 Year