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A B C D E F 1 Budgeting: Applying Excel 2 G H Data do van Quarter 1 40,000 Year 2 Quarter 2 Quarter 3 10,000 30,000 Quarter 4 60,000 Year 3 Quarter 1 Quarter 2 70,000 90,000 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 : 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 20 $30 $40,000 60% 40% 15% of the budgeted unit sales of the next quarter 12,000 units 2 pounds 20% of the next quarter's production needs 24,000 pounds $2.50 per pound 85% in the quarter the purchases are made 15% in the quarter following purchase $45,000 LILLOTG Led View En 132 A B C D E F G H 1 Enter a formula into the cells below to complete the following budgets: 2 Quarter 1 Year 2 Quarter 3 Year 3 Year 2 Total Quarter 1 Quarter 2 Quarter 2 Quarter 4 Year 2 Quarter 2 Quarter 3 Quarter 1 Quarter4 Year 2 Total 3 4 Sales Budget 15 6 Budgeted unit sales 7 Selling price per unit 28 Total sales 29 30 Schedule of Expected Cash Collections Budget 31 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 39 Production Budget 40 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 Raw Materials Purchases Budget 48 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 Case Assignment 4 Year 2 Quarter 2 Quarter 3 Year 3 Year 2 Total Quarter 1 Quarter 2 Quarter 1 Quarter 4 Year 3 Year 2 Quarter 2 Quarter 3 Quarter 1 Quarter 4 Year 2 Total Quarter 1 Ready FA unis Quarter 1 Year 2 Quarter 2 Quarter 3 Quarter 4 Year 3 Year 2 Total Quarter 1 46 47 Raw Materials Purchases Budget 48 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 Schedule of Expected Cash Disbursements 8 Quarter 1 Year 2 Quarter 2 Quarter 3 Quarter 4 Year 2 Total 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 69