Data Year 2 Quarter 2 3 60,000 100,000 1 40,000 1 Year 3 Quarter 2 70,000 80,000 Budgeted unk salas 4 50,000 Selling price per unit Accounts receivable, beginning balance Sales collected in the quarter sales are made Sales colected in the quarter after sales are made Desired ending finished goods Inventory is 2. Finished goods Inventory beginning 3. Raw materials required to produce one unk 4 Desired ending inventory of raw materials is 5. Raw materials inventory beginning 6. Raw material costs 7. Raw materials purchases are paid 8 and 9 Accounts payable for raw materials, beginning balance 0 1 Enter a formula into each of the cells marked with a 7 below 2 Review Problem: Budget Schedules $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 4 Year 2 Quarter 2 3 ? 7 ? ? ? ? 7 ? ? ? Year 3 Quarter 2 ? ? ? ? ? ? ? ? Year 2 Quarter 2 Year 14 Construct the sales budget 25 26 Budgeted unit sales 27 Seling price per unit 28 Total sales 29 30 Construct the schedule of expected cash collections 31 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 40 41 Budgeted unit sales 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory Chapter 8 Form + 2 2 7 ? ? ? ? ? 7 ? ? ? ? ? Year 2 Quarter 2. 3 Year F 2 ? ? ? ? ? ? Year 3 Quarter 2 2 ? 2 2 1 4 Yoar ? ? ? Year 2 Quarter 2 3 7 7 7 ? 7 ? ? ? ? ? 2 ? ? 7 ? ? 2 2 ? 7 7 Yoar 3 Quarter 2 ? ? ? 7 7 ? 2 Year 3 Quarter 1 4 Year Construet dhe production budget Budgeted unt sales Add desired finished goods inventory Total needs Loss beginning inventory Required production Construct the raw materials purchases budget 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 Construct the schedule of expected cash payments ? ? ? ? ? 7 Year 2 Quarter 2 3 ? ? ? 7 ? ? ? 2 ? ? 7. ? ? ? 7 ? ? ? 7 ? ? ? ? ? ? ? ? ? ? ? 2 2 ? ? ? ? ? ? ? ? ? Year 2 Quarter 2 1 3 Yoar ? 2 Accounts payable, beginning balance First quarter purchases Second quarter purchases Third quarter purchases Fourth quarter purchases Total cash disbursements 7 ? ST
