Question
Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 Selling price per
Data Year 2 Quarter Year 3 Quarter
1 2 3 4 1 2
Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000
Selling price per unit $12
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 budgeted unit sales of next QTR
Finished goods inventory, beginning 12,000
Raw materials required to produce one unit 5 pounds
Desired ending inventory of raw materials is 10% of next Qtr production needs
Raw materials inventory, beginning 23,000 pounds
Raw material costs $0.80 per pound
Raw materials purchases are paid 60% in Qtr purchases are made and 40% in Qtr following purchase
Accounts payable for raw materials, beginning balance $81,500
Direct labor cost per hour $15
Direct labor hour per unit 0.2
Variable MOH rate $2
Total fixed MOH $60,000
Variable S&A expense rate $1.80
Minimum cash balance $50,000
Annual Interest rate 12%
BASED on above info what is the EXCEL formulas for the missing info below to get correct answers?
Construct the raw materials purchases budget | Year 2 Quarter | Year 3 Quarter | ||||
1 | 2 | 3 | 4 | Year | 1 | |
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 | Year 2 Quarter | ||||
1 | 2 | 3 | 4 | Year | |
Accounts payable, beginning balance | ? | ? | |||
First-quarter purchases | ? | ? | ? | ||
Second-quarter purchases | ? | ? | ? | ||
Third-quarter purchases | ? | ? | ? | ||
Fourth-quarter purchases | ? | ? | |||
Total cash disbursements | ? | ? | ? | ? | ? |
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