PLEASE ENTER FORMULAS

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. B C D E F G Year 3 Quarter Year 2 Quarter 2 75,000 100,000 3 40,000 4 50,000 70,000 80,000 A 1 Chapter 8: Applying Excel 2 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 Raw material costs 17. Raw materials purchases are paid 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 $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 16 . 23 F I 1 1 A B C D E 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 2 3 4 2 26 Budgeted unit sales 40,000 75,000 100,000 50,000 70,000 80,000 27 Selling price per unit $8 $8 $8 $8 $8 $8 28 Total sales $320,000 $600,000 $800,000 $400,000 $560,000 $640,000 29 30 Construct the schedule of expected cash collections Year 2 Quarter 31 2 4 Year 32 Accounts receivable, beginning balance $ 65,000 $ 65,000 33 First-quarter sales 240,000 $ 80,000 $ 320,000 34 Second-quarter sales 450,000 $ 150,000 $ 600,000 35 Third-quarter sales 600,000 $ 200,000 $ 800,000 36 Fourth-quarter sales 300,000 $ 300,000 37 Total cash collections $ 305,000 $530,000 $ 750,000 $500,000 $2,085,000 38 39 Construct the production budget Year 2 Quarter Year 3 Quarter 40 2 3 Year 2 41 Budgeted unit sales 40,000 75,000 100,000 50,000 265,000 70,000 80,000 42 Add desired finished goods inventory 22,500 30,000 15,000 21,000 21,000 24,000 43 Total needs 62,500 105,000 115,000 71,000 286,000 94,000 44 Less beginning inventory 12,000 22,500 30,000 15,000 12,000 21,000 45 Required production 50,500 82,500 85,000 56,000 274,000 73,000 46 1 50,500 46 47 Construct the raw materials purchases budget 48 49 Required production (units) 50 Raw materials required to produce one unit 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 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased 58 59 Construct the schedule of expected ash payments 60 61 Accounts payable, beginning balance 62 First-quarter purchases 63 Second-quarter purchases 64 Third-quarter purchases 65 Fourth-quarter purchases 66 Total cash disbursements 67 252,500 41250 293,750 23,000 270,750 $0.80 $216,600 Year 2 Quarter Year 3 Quarter 2 3 4 Year 82,500 85,000 56,000 274,000 73,000 5 5 5 5 5 412,500 425,000 280,000 1,370,000 365,000 42500 28000 36500 36,500 455,000 453,000 316,500 1,406,500 41,250 455,000 28,000 23,000 413,750 (2,000) 288,500 1,383,500 $0.80 $0.80 $0.80 $0.80 $331,000 ($1,600) $230,800 $1,106,800 Year 2 2 er 3 1 4 Year