Please compete requirements 1 & 2. Thank you! The second picture is an EXAMPLE spreadsheet, to show how answers/formatting should be for answers to req. 1 and 2.

Swift Company is preparing budgets for the quarter ended June 30. The following relates to the company's budgets: Budgeted sales, in units, for the next five months are: March (actual) April May 20,000 40.000 60,000 June July August 70,000 60,000 50,000 The selling price of the company's product is $10 for the calendar year. The company would like the following budgets prepared for the second quarter: Sales (with schedule of cash collections All sales are on account. The company's collection pattern is: 60% collected in the month of sale: 35% collected in the month following sale; the remaining 5% is uncollectible. Production The company desires to have inventory on hand at the end of each month equal to 30 percent of the following month's budgeted sales in units. On March 31, 12,000 units were on hand. Materials purchases (with cash payments Five pounds of material are required per unit of product. Each pound costs the company $0.60. The company desires to have materials on hand at the end of each month equal to 10 percent of the following month's production needs. This requirement was met on March 31. Purchases for the month of March amounted to $90,000. The company pays for its materials: 50% in the month of purchase and 50% in the month following the purchase. Required (using an electronic spreadsheet) 1) Prepare five budgets (Sales, Cash collections, Productions, Materials purchases, and Cash payments) for the quarter ended June 30. 2) Assume that Sales will increase 10% for each month, beginning April 1, and prepare a second set of budgets. (Note: Accounts Receivable and Accounts Payable balances, for first month, remain the same for both spreadsheets.) July 30,000 Sales Budgeted sales (units) Selling price per unit Total budgeted sales August 70,000 12 840,000 $ $ September Quarter 50,000 * 150,000 12 $ 12 600,000 $ 1,800,000 12 360,000 $ $ $ August September $ Cash collections Accounts receivable July sales August sales September sales Total cash collections July 195,000 108,000 $ 234,000 252,000 $ 546,000 180,000 726,000 Quarter 195,000 342.000 798,000 180,000 $ 1.515.000 $ 303,000 $ 486 000 $ Production Budgeted sales (units) Add: Desired end inv Total needs Deduct: Beg inv Units to be produced July 30,000 10,500 40,500 (4,500) 36,000 August 70,000 7,500 77,500 (10,500) 67,000 September 50,000 3,000 53,000 (7,500) 45,500 October 20,000 1,500 21,500 (3 000) 18,500 August 67,000 September 45,500 Quarter 148,500 Materials purchases Units to be produced Raw mtis needed Production needs (ft) Add: Desired end iny Total needs Deduct: Beg iny Required purch (ft) Cost purch ($0.80/ft) July 36,000 4 144,000 134,000 278,000 (72000) 206,000 164,800 268,000 91.000 359,000 (134,000) 225,000 180,000 182,000 37,000 219,000 (91,000) 128,000 102,400 594,000 37,000 631,000 (72,000) 559.000 447 200 $ $ $ $ August September July 76,000 82,400 Cash payments Accounts payable July purchases August purchases September purchases Total cash payments 82,400 90,000 $ 90,000 51,200 141,200 Quarter 76,000 164,800 180,000 51,200 472,000 $ 158,400 $ 172 400 $ $