Require mormon Chapter 8: Applying Excel: Excel Worksheet (Part 1 of 2) (Algo) Step : Download the Applying Excel form located on the left-hand side, under files. If you have trouble, the file is also located in D2L under Course Files and Resources Step 2: Then enter formulas in all cells that contain question marks. For example, in cell B26 enter the formula "B". After entering formulas in all the cells that contained question marks, verify that the dollar amounts match the numbers in Review Problem 1 Step 3: 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 corrut them. Step 4: Proceed to the requirements below only after completing your worksheet as it will be used to answer the following questions, Requirement 2: The company has just hired a new marketing manager who insists that unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget Data Budgeted unit sales Selling price per unit Year 2 Quarter 2 70,000 105,000 Year 3 Quarter 1 90,000 100,000 45,000 $7 75,000 B D E F G 1 Chapter 8: Applying Excel 2 1 2. 70,000 2 3 105,000 Year 3 Quarter 1 90,000 24 75,000 45,000 100,000 IS per un 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 15 7 65,000 75% 25% 30% 12,000 5 of the budgeted unit sales of the next quarter units pounds Die HEM 7 1 40 76 an in mo Required information $ of the budgeted unit sales of the next quarter units 4 8 - Accounts receivable, beginning balance 9 Sales collected in the quarter sales are made Sales collected in the quarter after sales are made 10 Desired ending finished goods inventory is 11 Finished goods inventory, beginning 12 Raw materials required to produce one unit 13 Desired ending inventory of raw materials is 14 Raw materials inventory, beginning 15 Raw material costs 16 Raw materials purchases are paid 17 and 18 Accounts payable for raw materials, beginning balance 19 65,000 75% 25% 30% 12,000 5 10% 23,000 0.80 60% 40% 81,500 pounds of the next quarter's production needs pounds per pound in the quarter the purchases are made in the quarter following purchase $ a. What are the total expected cash collections for the year under this revised budget? Answer is complete but not entirely correct. Expected cath collections for the year $ 2,001,2503 b. What is the total required production for the year under this revised budget? Answer is complete but not entirely correct. Totul requited production for the year 320.000 19 Required information 0.54 points Answer is complete but not entirely correct. Total required production for the year 320,000 c. What is the total cost of raw materials to be purchased for the year under this revised budget? Answer is complete but not entirely correct. Total cost of raw materials to be purchased for the year $ 1.295,200 d. What are the total expected cash disbursements for raw materials for the year under this revised budget? Answer is complete but not entirely correct. Total expected cash disbursements for raw materials for the year $ 1,200,000 e. After seeing this revised budget, the production manager cautioned that due to the current production constraint, a complex milling machine, the plant can produce no more than 80.000 units in any one quarter. Is this a potential problem? No Yes Chapter 8: Applying Excel Data 1 40,000 Year 2 Quarter 2 3 60,000 100,000 4 50,000 Year 3 Quarter 1 2 70,000 80,000 $8 $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 Budgeted unlt sales Selling price per un Accounts receivable, beginning balance Sales collected in the quarter sales are made 0. Sales collected in the quarter after sales are made 1 Desired ending finished goods inventory is 12. Finished goods inventory beginning 13. Raw materials required to produce one unt 14. Desired ending inventory of raw materials is 15. Raw materials inventory, beginning 16 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 cele marked with a ? Below 22 Review Problem: Budget Schedules 23 24 Construct the sales budget 25 26 Budgeted unt sales 27 Seling price per unit 28 Total sales 29 30 Construct the schedule of expected cash collections 31 32 Beginning balance accounts receivable 33 First quarter sales 34 Second quarter sales 35 Third-quarter sales 36 Fourth-quarter sales 37 Total cash collections 38 30 Construct the production budget 40 ? ? ? Year 2 Quarter 2 3 7 2 2 7 ? ? 2 ? ? Year 3 Quarter 1 2 7 ? 2 2 2 2 1 Year 2 Quarter 2 3 4 2 ? 7 ? ? ? Year ? 2 ? 7 2 2 ? 2 2 ? 7 2 Year 2 Quarter Year Year 3 Quarter 2. Chapter 8 Form C D F G H 2 ? 7 2 ? 7 ? 1 4 ? 7 ? ? 2 ? Year 2 Quarter 2 7 ? 7 2 2 7 7 7 ? 7 7 7 7 7 ? Year ? 2 7 7 ? Year 3 Quarter 1 2 ? ? ? 2 7 - 4 D9 4 fx 363 Fourth quarter sales 37 Total cash collections 38 39 Construct the production budget 40 41 Budgeted unt sales 42 Add desired ending finished goods Inventory 43 Total needs 44 Less beginning finished goods inventory 45 Required production in units 45 47 Construct the raw materials purchases budget 48 49 Required production (units) 50 Raw materials required to produce one unn (pounds) 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 pounds) 56 Cost of raw materials per pound 57 Cost of raw materials to be purchased 58 50 Construct the schedule of expected cash payments 60 61 Beginning balance accounts payable 62 Fint-quarter purchases 63 Second quarter purchases 64 Third quarter purchases 65 Fourth quarter purchases 66 Total cash disbursements 67 ? 2 7 2 7 2 2 2 > Year 2 Quarter 2 3 ? ? ? 2 2 ? 7 2 ? 2 ? 2 2 2 2 7 2 ? ? 7 2 ? 7 7 7 2 ? Year 3 Quarter Year 1 ? 7 2 2 ? ? 7 7 7 7 7 2 Year 2 Quarter 2 3 1 4 Year 2 2 ? ? ? ? 2 2 ? 2 2 7 2 2 ? 2