Prepare the Sales budget, Production Budget,DM purchases budget,Cash Collection budget, Cash payments budget. Please use cell reference when solving the problem out.
R M 30 Saving & Submitting Solution 31 1 Save file to desktop. 32 a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 33 2 Upload and submit your file to be graded. 34 a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet 35 b. Click Choose button under step 3; locate the file you just saved and click Open 36 C. Click Upload button under step 3 37 d. Click Submit button under step 4 38 39 ao Viewing Results 1 Click on Results tab in MyAccountingLab 2 Click on the Assignment you were working on 3 Click on Project link, this will bring up your Score Summary 4 4 Within Score Summary window, click on Download (upper right) to download the spreadsheet with feedback 5 31 72 13 6 **DATA SHEET -- DO NOT ENTER ANSWERS HERE** October actual sales (prior year) November actual sales (prior year) December actual sales (prior year) January projected sales February projected sales March projected sales April projected sales Units 92,000 85,000 78,000 80,000 90,000 95,000 105,000 20% of the total sales are cash sales 80% of the total sales are credit sales The company's collection history indicates that: 80% of credit sales is collected in the month after the sale 10% is collected two months after the sale 6% is collected three months after the sale 4% is never collected 1. Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit) for the first three months of the year, as well as a summary budget for the quarter. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you 2 will be marked wrong.) 3 4 5 Birdfeeders Unlimited Sales Budget For the Quarter Ended March 31 January Month February March 1st Quarter 6 7 8 9 Unit sales (birdfeeders) 10 Multiply by: Selling price per birdfeeder 11 Total sales revenue 12 Type of sale: 13 Cash sales 14 Credit sales 15 Total sales revenue 16 19 20 17 2. Prepare the production budget for the first three months of the year, as well as a summary budget for the quarter. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from requirement 1 and 18 prior calculations, if applicable. If you copy/paste from the instructions tab you will be marked wrong.) Birdfeeders Unlimited Production Budget For the Quarter Ended March 31 3 Month 4 January February March 1st Quarter s Unit sales (birdfeeders) 6 Plus: Desired ending inventory 7 Total needed 3 Less: Beginning inventory Number of units to produce 33 34 36 37 3. Prepare the direct materials purchases budget for the first three months of the year, as well as a summary budget for the 31 quarter. Assume the company needs 120,000 board feet of wood for production in April. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from prior requirements 32 and calculations, if applicable. If you copy/paste from the Instructions tab you will be marked wrong.) Birdfeeders Unlimited 35 Direct Materials Budget For the Quarter Ended March 31 Month 38 January February March 1st Quarter 39 Units (birdfeeders) to be produced 40 Multiply by: Quantity (board feet) of DM needed per unit 41 Quantity (board feet) needed for production 42 Plus: Desired ending inventory of DM 43 Total quantity (board feet) needed 44 Less: Beginning inventory of DM 45 Quantity (board feet) to purchase 46 Multiply by: Cost per board foot 47 Total cost of DM purchases 48 49 4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations so and requirements, if applicable. If you copy/paste from the Instructions tab you will be marked wrong.) 51 T 52 Birdfeeders Unlimited 53 Cash Collections Budget 54 For the Quarter Ended March 31 55 Month January March February 56 1st Quarter 57 Cash sales in current month 58 Collection on credit sales: 59 Credit sales made one month ago 60 Credit sales made two months ago 61 Credit sales made three months ago 62 Total cash collections he mi rab. Ad Ant 5. Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations and requirements, if applicable. If you copy/paste from the Instructions tab you will be marked wrong.) March 1st Quarter Birdfeeders Unlimited Cash Payments for Direct Materials Purchases For the Quarter Ended March 31 Month January February Total cost of DM purchases Cash payments for current month purchases Cash payments for prior month purchases Total cash payments A B D E F M G 1 The Master Budget 2 Comprehensive summary problem 3 Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home 4 improvement stores. 5 $15 Sales price per birdfeeder 6 1.5 Board feet of wood required for each birdfeeder 7 $4 Cost per board foot (actual) 8 10% Desired ending wood inventory stated as a percentage of next month's production requirements 9 20% Desired ending finished goods inventory (finished birdfeeders) stated as a percentage of next month's sales 10 11 $550,000 Total cost of direct materials purchases in December 45% of direct materials purchases are paid in the month of purchase 13 55% of direct materials purchases are paid in the month after purchase 12 14 25 Sales data for the company can be found on the "SALESDATA" tab. 16 17 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from 18 the Instructions tab you will be marked wrong. 19 20 Requirements 1 21 22 a. 23 Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit) for the first three months of the year, as well as a summary budget for the quarter. 2 Prepare the production budget for the first three months of the year, as well as a summary budget for the quarter. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted 3 Prepare the direct materials purchases budget for the first three months of the year, as well as a summary budget for the quarter. Assume the company needs 120,000 board feet of wood for production in April. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted Abbreviation used: DM = Direct materials 4 Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter. 5 Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. 24 a. 25 26 b. 27 28 29 + INSTRUCTIONS SALESDATA ENTERANSWERS
