please i dont understand how to put it in Excel plus i really dont know how to solve this!!?? please i need help

MGA202 Spring 2013 Practice Set Budgeting Spreadsheet This assignment asks you to set up an Excel budget spreadsheet file that automatically prepares the master budget for a company, given sales projections and information on beginning balances, production requirements, desired ending inventories, etc. Information on developing the budgets appears in Chapter 7 of your text, and examples of budget worksheets appear in the schedules throughout the chapter. Data Niagara Manufacturing Company produces and sells one product, Metro End Table. Below is information on its activities for the next few months. 1. Sales projections for the coming months are as follows: Metro end tables Estimated Sales (in units) July August 10,000 12,000 September 9,000 October 8,000 Actual sales in May were 10,000 units; actual sales in June were 14,000 units. 2. Metro end table's selling price is $500/unit. Estimated cash collections from sales of each month (including June) of Metro end tables to customers are as follows: 65% collected in the month of sale, 30% collected in the month following sale, and 5% can not be collected. 3. Desired ending inventory of Metro end table is 20% of the next month's projected sales. There are 4,000 units of end tables in inventory on June 30. 4. Two materials are used in the production of Metro end table: Red Oak and Glass. Materials requirements per unit of end table are as follows: Direct Material Red Oak: Glass: Units of direct materials per unit of Metro end table. 45 pounds 9 square feet Cost per unit $6.00/pound $1.00/square foot Desired ending inventory of Red Oak is 30% of the following month's production need because Red Oak is sometimes in short supply; desired ending inventory of Glass is 5% of the following month's production need because Glass is easy to get. Inventories of materials as of June 30 are 26,000 pounds of Red Oak and 4,900 square feet of Glass. Practice Set 1 Page 1 5. The company pays for materials purchases as follows: 60% in the month of purchase, and 40% in the month following purchase. The accounts payable balance (due to materials purchases) on June 30 was $1,100,000, which is all payable in July. 6. Metro end tables have two departments to pass before it is completed. Department Direct labor hours per unit of end table Cost per direct labor hour Shaping: 0.75 hour $24 Finishing: 1.70 hours $16 7. Direct labor costs are paid in cash as incurred. 8. Total variable manufacturing overhead is estimated at $2.5/direct labor hour incurred. Total fixed manufacturing overhead is estimated at $500,000/month, of which $5,000 is depreciation on factory buildings and equipment. 9. Total variable selling and administrative costs are $2/unit of Metro end table sold. Total fixed selling and administrative costs are estimated at $300,000/month, of which $65,000 is depreciation on administrative buildings and equipment. 10. Cash payments for overhead and selling and administrative costs are paid as the costs are incurred. Preparation of Spreadsheet File Create one Excel spreadsheet file consisting of the following five separate worksheets: Sheet 1: Data This worksheet contains the data necessary to do all the other worksheets. List on this worksheet all of the data shown above, clearly labeled. None of the other worksheets should contain any numbers; they should contain ONLY FORMULAS - all cells on the other worksheets should be linked to cells in the data worksheet, cells within the same worksheet, or cells in the other worksheets. For example, the cell for direct labor cost for July should contain a formula that multiplies the production in units for July (from the production schedule) times the labor hours per unit (from the data worksheet) times the hourly wage rate (from the data worksheet). So if the sales estimate for end tables changes, you should be able to make the change only on the data worksheet; all the other worksheets should automatically adjust to the changes. The production units will change; the manufacturing costs will change, etc. The data worksheet can be in any format; just be sure to label each data item clearly. Practice Set 1 Page 2 Sheet 2: Include the following two budgets on the second worksheet, clearly labeled: Sales Budget: Prepare a schedule of sales revenue and cash receipts from sales for each of the months of July, August and September. List cash collections separately on lines as follows: cash collections from sales one month ago and cash collections from sales in the current month. Also, list total cash collections in July, August and September. Production Budget: Sheet 3: Include the following one budget on the third worksheet, clearly labeled: Direct Materials Budget: Sheet 4: Prepare a direct materials purchases budget, in units and in total dollars, for July and August. List Red Oak purchase costs, Glass purchase costs, and total material purchase costs separately. List payments for current month purchase and for prior month purchase on separate lines. Also, list total payments in July and August. Include the following one budget on the fourth worksheet, clearly labeled: Direct Labor Budget: Sheet 5: Prepare a production budget for Metro end tables, in units, for each of the months of July, August and September. Prepare the budget for costs of direct labor used for July and August, in units and in total dollars. List shaping labor cost, finishing labor cost, and total labor cost separately. Also, list total payments for each month. Include the following two budgets on the fifth worksheet, clearly labeled: Manufacturing Overhead Budget: Prepare a manufacturing overhead budget for July and August. Show variable manufacturing overhead, fixed manufacturing overhead and total manufacturing overhead costs separately for each month. Also, list total payments for each month. Selling & Administrative Expense Budget: Prepare a selling and administrative expense budget for July and August. Show variable selling and administrative costs, fixed selling and administrative costs and total selling and administrative costs separately for each month. List Practice Set 1 Page 3 total cost payments for each month. Project Submission When you have completed your file, please submit it in the following format: 1. Print out each of the five worksheets. Put your NAME, ID NUMBER, AND RECITATION SECTION NUMBER at the top of each page. Print each page with gridlines. On sheets 2-5, label each budget clearly and include \"Estimate #1" in each label. For example, \"Production Budget, Estimate #1" and \"Direct Labor Budget, Estimate #1.\" 2. Now, on your data worksheet, change the following items: Estimated sales of Metro end tables for July: 14,000 units. Cost per square foot of Glass: $1.5 Don't make any other changes in the worksheets, except for changing the budget labels to \"Estimate #2.\" Print out worksheets 2-5 again, with gridlines. 3. Print out worksheets 2-5 showing the cell formulas instead of numbers. Print with gridlines. Staple all pages together in the order presented above. To summarize, your completed project consists of the following pages: Data worksheet (one page) Budget worksheets 2, 3, 4 and 5 for Estimate #1 (4 pages) Budget worksheets 2, 3, 4 and 5 for Estimate #2 (4 pages) Budget worksheets 2, 3, 4 and 5 showing cell formulas (4 pages) for a total of 13 pages. Please follow these instructions. If you submit your practice set in a different format, you will lose points. Other information 1. You should have been exposed to basic Excel in other courses. You should already know how to link worksheets and enter cell formulas. For example, if you name your data worksheet as \"data\" and you are currently working on a different worksheet, entering a formula \"Data!B5\" into a cell will allow you to get the number contained in Cell B5 of the data worksheet to your current worksheet. If for some reason you have not received formal class instruction in Excel, you can use the help menus (as you would with any new software). Practice Set 1 Page 4 Here are some hints for printing this assignment: you can adjust printing formats (page orientation, gridlines) by selecting \"Page Layout\" from the top menu, and then click on \"orientation\" to select orientation, and \"gridlines\" to select gridlines. To print cell formulas, select the \"Ctrl\" tab and \"~.\" tab simultaneously (the one at the left corner of your key board). Your formulas should appear and you are ready to print. 2. Academic integrity: This is an individual project, meaning each student is expected to do it independently. You are expected to input your own data, develop your own spreadsheet formulas, and set up your own worksheets within your file. You may not use someone else's file or jointly share a file. You have great flexibility in how you set up your spreadsheet. It is extremely unlikely that the many choices you make in developing your worksheet will be identical to those of any other student. We will check for evidence of shared files. If academic dishonesty is found, it will be dealt with severely. Be sure to retain the file you created (plus a backup file) until the end of the semester, in case there is a question. 3. The due date for the Practice Set is April 12, during your recitation class . Please turn your practice set in directly to your TA during recitation, or make arrangements to deliver it at some other time. Do not put it under any office door or leave it on a desk in your TA's office. If you don't hand it in during recitation, be sure the person you hand it to records the time and date of your submission. This practice set is worth 40 points toward your total grade. If you do not hand it in on time (prior to 4 PM on April 12), you will lose 5 points for every day it is late, including weekend days. You are welcome to hand in your practice set early (during lecture or office hours). You have about a month to prepare this assignment . If you decide to wait until a few days before it is due to begin work on it, you also accept the risk that unplanned events may prevent you from completing it on time. It is up to you to organize your work schedule so your practice set is completed within the deadline. To minimize potential loss of your file, always back up your work in case your disk goes bad. 4. Here are some key figures to help you: For Estimate #1, the cash payments for total direct materials purchase for July are $2,966,738. For Estimate #2, the cash payments for total direct materials purchase for July are $3,669,887. If your numbers do not come out right, and you can't find your mistake, do not try to change the numbers so the total comes out correctly. Each individual balance is graded, not the total. You may be changing numbers that are correct. 5. You are welcome to obtain help from your TAs or Professor Xu as you do this project. Questions should be limited to the accounting issues, and questions on the specific printing requirements of the practice set. Practice Set 1 Page 5