I KNOW IT IS QUITE LONG BUT ALL I REALLY NEED IS SOME GUIDANCE IN TERMS OF FORMULAS. I NEED TO KNOW WHAT EACH ITEM ENCOMPASESS.

THANK YOU :)

Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores. $15 Sales price per birdfeeder 1.5 Board feet of wood required for each birdfeeder $4 Cost per board foot (actual) 10% Desired ending wood inventory stated as a percentage of next month's production requirements 20% Desired ending finished goods inventory (finished birdfeeders) stated as a percentage of next month's sales $550,000 Total cost of direct materials purchases in December 45% of direct materials purchases are paid in the month of purchase 55% of direct materials purchases are paid in the month after purchase Sales data for the company can be found on the "SALESDATA" tab. Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirements Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit) for the first three months of the year, as well as a summary budget for the quarter 2 Prepare the production budget for the first three months of the year, as well as a summary budget for the quarter a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. Prepare the direct materials purchases budget for the first three months of the year, as well as a summary budget for the quarter. Assume the company needs 120,000 board feet of wood for production in April. a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. Abbreviation used: DM b. Direct materials 4 Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter 5 Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter