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Chapter 8: Applying Excel: Excel Worksheet (Part 1 of 2) (Algo) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell 826 enter the formula " 85" " Required: 1. Check your worksheet by changing the budgeted unit sales in Quarter 2 of Year 2 in cell C5 to 75,000 units. The total expected cash collections for the year should now be $2,085,000. 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. Budgeted unit sales \begin{tabular}{c|c|c|c|c|c|} \hline & Year 2 Quarter & & \multicolumn{2}{c}{ Year 3 Quarter } \\ \hline 1 & 2 & 3 & 4 & 1 & 2 \\ \hline 40,000 & 60,000 & 100,000 & 50,000 & 70,000 & 80,000 \\ \hline \end{tabular} - Selling price per unit 58 per unit - Accounts recelvable, beginning balance $65,000 - Sales collected in the quarter sales are made - Sales colected in the quarter after sales are made 75% - Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter - Finished goods inventory, beginning 12,000 units - Raw materials required to produce one unit 5 pounds - Desired ending inventory of raw matertals is 10% of the next quarter's production needs - Raw materals inventory, beginning 23,000 pounds - Raw material costs $0.80 per pound - Raw materials purchases are paid and 60% in the quarter the purchases are made - Accounts payable for raw materials, beginning balance 40% in the quarter following purchase Enter a formula into each of the cells marked with a ? below Review Problem: Budget Schedules Construct the sales budget Budgeted uni sales Selling price per unit Total sales Construct the schedule of expected cash collections Accounts recelvable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash colloctions Construct the production budget Budgeted unit sales Add desired finished goods inventory. Total needs. Leas beginning inventory Ae De Dnabeginning andiatinn 44 Less beginning inventory 45 Required production 46 \begin{tabular}{|llllll|} \hline? & ? & ? & ? & ? & ? \\ \hline? & ? & ? & ? & ? & ? \\ \hline \end{tabular} 47 Construct the raw materials purchases budget 48 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 \begin{tabular}{|rrrrrrrr|} \hline & Year 2 Quarter & & & Year 3 Quarter \\ \hline 1 & 2 & 3 & & 4 & Year & 1 \\ \hline? & ? & ? & ? & ? & ? \\ \hline? & ? & ? & ? & ? & ? \\ \hline? & ? & ? & ? & ? & ? \\ \hline? & ? & ? & ? & ? & ? \\ \hline? & ? & ? & ? & ? \\ \hline? & ? & ? & ? & ? \\ \hline \end{tabular} 59 Construct the schedule of expected cash payments 60 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 68