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 $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. 1 Chapter 8: Applying Excel 3 Data 4 5 Budgeted unit sales 6 7.Selling price 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 balar 20 1 40,000 Year 2 Quarter 2 60,000 3 100,000 4 Year 3 Quarter 1 50,000 70,000 2 80,000 $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 21 Enter 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 sales 27 Selling price per unit 28 Total sales 29 30 Construct the schedule of expected cash collection 31 32 Accounts receivable, beginning balance SS First-quarter sales 34 Second-quarter sales 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections 58 39 Construct the production budget 40 41 Budgeted unit sales 1 Year 2 Quarter 2 Year 3 Quarter 3 1 2 40,000 $8 $320,000 60,000 $8 $480,000 100,000 50,000 58 58 $800,000 $400,000 70,000 $8 80,000 $560,000 $8 $640,000 Year 2 Quarter 1 2 3 4 Year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 7 ? ? Year 3 Quarter 2 80,000 Year 2 Quarter 1 2 3 4 Year 1 40,000 60,000 100,000 50,000 ? 70,000 42 Add desired finished goods inventory 43 Total needs 44 Less beginning inventory 45 Required production 46 18,000 30,000 15,000 21,000 ? 24,000 58,000 90,000 115,000 71,000 ? 94,000 (12,000) 46,000 (18,000) (30,000) (15,000) 72,000 85,000 56,000 ? (21,000) ? 73,000 47 Construct the raw materials purchases budget 48 Year 2 Quarter 2 Year 3 Quarter 3 49 Required production (units) 46,000 50 Raw materials required to produce one unit 5 51 Production needs (pounds) 230,000 52 Add desired ending inventory of raw materials (pound) 36,000 72,000 5 360,000 42,500 53 Total needs (pounds) 266,000 402,500 85,000 5 425,000 28,000 453,000 4 56,000 Year 1 ? 73,000 5 ? 5 280,000 36,500 ? 365,000 ? 316,500 ? 54 Less beginning inventory of raw materials (pounds) (23,000) (36,000) (42,500) (28,000) ? 55 Raw materials to be purchased 243,000 366,500 410,500 288,500 ? 56 Cost of raw materials per pound $0.80 57 Cost of raw materials to be purchased $194,400 $0.80 $293,200 $0.80 $0.80 ? $328,400 $230,800 ? 58 59 Construct the schedule of expected cash payment: 60 61 Accounts payable, beginning balance Year 2 Quarter 1 2 3 4 Year ? ? 62 First-quarter purchases 63 Second-quarter purchases 2 ? ? ? ? 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements 67 ? 2 ? ? ? ? ? 2 2 2