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 required production for the year should be 274,000 units. The cost of raw materials to be purchased for the year should be $1,106,800, whereas the total cash disbursements for the year should be $1,095,980. 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. Chapter 8: Applying Excel Yoar 2 Quarter Yoar 3 Quarter Data 60,000 40,000 100,000 50,000 70,000 5 80,000 Budgeted unit salos $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 SO 80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 Year 3 Quarter 7 Salling prion per unit 8 - Accounts receivable, beginning balance 9 . Sales collected in the quarter sales are made 10 - Sales collected in the quarter after sales are made 11 Desired ending finished goods inventory is 12 . Finished goods inventory, beginning 13 . Raw materials required to produce one unit 14 .Desired ending Inventory of raw materials is 15 Raw materials inventory, beginning 16 . Raw material costs 17 Raw materials purchases are paid 18 and 19 - Accounts payable for raw materials, beginning balance 120 21 Entor a formula into each of the cells marked with a ? below 22 Review Problem: Budget Schedules 23 24 Construct the sales budget 25 26 Budgeted unit salos 27 Selling 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 unt sales 42 Add desired finished goods inventory 1 Chapter 8 Form + Normal View Ready Year 2 Quarter Year 3 Quarter Year 2 Quarter Sum-0 ICE DE aste Merge - A1 % fx Chapter 8: Applying Excel D Construct the production budget Yoar 3 Quarter Budgeted unit sales Add desired finished goods inventory Total needs Less beginning inventory 5 Required production Construct the raw materials purchases budget Your 3 Quarto Required production (units) 0 Raw materials required to produce one unit Production needs (pounds) Add desired ending Inventory of raw materials (pounds) 3 Total needs (pounds) Less beginning inventory of raw materials (pounds) $ Raw materials to be purchased 6 Cost of raw materials per pound 2 Cost of raw materials to be purchased 9 Construct the schedule of expected cash payments Quarter 1 Accounts payable, beginning balance 2 First quarter purchases 3 Second-quarter purchases 4 Third-quarter purchases 5 Fourth quarter purchases 6 Total cash disbursements