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Master Budget Excel Assignment; the UC Outpatient Pharmacy Company, a For Profit department off campus from the Hospital. prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation f the master budget for the first quarter: b. Actual Sales in Dollars for December and budgeted sales for the next four months are as follows: C. Sales are 25% for cash and 75% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's Cost of Sales or Cost of Inventory is 55% of sales. For example, for every dollars of sales the cost of the inventory is .55 e. Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; Advertising cost, $55000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. f. At the end of each month, inventory is to be on hand equal to 20% of the following month's sales needs, stated at cost. g. 40% of a month's inventory purchases is paid for in the month of purchase; the other 60% is paid for in the following month at cost. h. During February, the company will purchase a new copy machine for $1,700 cash. During March, other equipment will be purchased for cash at a cost of $60,000. Depreciation expense on assets purchased during the first six months of the year half will begin being depreciated at the second half of the year. j. The company must maintain a minimum cash balance of $20,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of complete repayment of total principal. Interest is computed on funds utilized for each month. The annual interest rate is 15%. (Figure interest on whole months, e.g., 1/15,2/15 ) Master Budget Excel Assignment; the UC Outpatient Pharmacy Company, a For Profit department off campus from the Hospital. prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation f the master budget for the first quarter: b. Actual Sales in Dollars for December and budgeted sales for the next four months are as follows: C. Sales are 25% for cash and 75% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's Cost of Sales or Cost of Inventory is 55% of sales. For example, for every dollars of sales the cost of the inventory is .55 e. Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; Advertising cost, $55000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. f. At the end of each month, inventory is to be on hand equal to 20% of the following month's sales needs, stated at cost. g. 40% of a month's inventory purchases is paid for in the month of purchase; the other 60% is paid for in the following month at cost. h. During February, the company will purchase a new copy machine for $1,700 cash. During March, other equipment will be purchased for cash at a cost of $60,000. Depreciation expense on assets purchased during the first six months of the year half will begin being depreciated at the second half of the year. j. The company must maintain a minimum cash balance of $20,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of complete repayment of total principal. Interest is computed on funds utilized for each month. The annual interest rate is 15%. (Figure interest on whole months, e.g., 1/15,2/15 )