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.

fx Chapter 8: Applying Excel A1 B D E F G A. 1 Chapter 8: Applying Excel 2 3 Data Year 2 Quarter Year 3 Quarter 4 1 3 4 1 2 5 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 6 7Selling price per unit | Accounts receivable, beginning balance 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 17Raw materials purchases are paid $8 $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 8 the quarter the purchases are made 60% 40% in the quarter following purchase $81,500 18 and 19 Accounts payable for raw materials, beginning balance 20 21 Enter a formula into each of the cells marked with a ? below 22 Review Problem: Budget Schedules 23 24 Construct the sales budget Year 2 Quarter Year 3 Quarter 25 1 3 1 2 26 Budgeted unit sales 27 Selling price per unit 28 Total sales ? ? ? ? 29 30 Construct the schedule of expected cash collections Year 2 Quarter 31 1 3 4 Year 32 Beginning balance accounts receivable 33 First-quarter sales 34 Second-quarter sales 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections ? ? ? ? ? 38 A. C E 38 39 Construct the production budget Year 2 Quarter Year 3 Quarter 40 1 3 Year 2 41 Budgeted unit sales 42 Add desired ending finished goods inventory 43 Total needs 44 Less beginning finished goods inventory 45 Required production in units ? ? ? ? ? ? ? ? ? ? ? ? 46 47 Construct the raw materials purchases budget Year 2 Quarter Year 3 Quarter 48 1 2 4 Year 1 49 Required production (units) 50 Raw materials required to produce one unit (pounds) 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 (pounds) 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 58 59 Construct the schedule of expected cash payments Year 2 Quarter 60 1 2 3 Year 61 Beginning balance accounts payable 62 First-quarter purchases 63 Second-quarter purchases 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements ? ? ? ? ? ? 67 68 C C C