Required: 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. Chapter 8: Applying Excel Data Budgeted unit sales - Selling price per unit $8 per unit - Accounts receivable, beginning balance $65,000 - Sales collected in the quarter sales are made - Sales collected 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 materials is 10% of the next quarter's production needs - Raw materials inventory, beginning 23,000 pounds - Raw material costs $0.80 per pound - Raw materials purchases are paid 60% in the quarter the purchases are made and 40% in the quarter following purchase - Accounts payable for raw materials, beginning balance $81,500 Enter a formula into each of the cells marked with a ? below Review Problem: Budget Schedules Construct the sales budget Budgeted unit sales Selling price per unit Total sales \begin{tabular}{rrrrrrrrrr|} 1 & \multicolumn{4}{c}{ Year 2 Quarter } & & \multicolumn{4}{c}{ Year 3 Quarter } \\ & 2 & & 3 & 4 & 4 & & 2 & \\ ? & ? & ? & ? & ? & ? \\ & ? & ? & ? & ? & ? & ? \\ & ? & ? & ? & ? & ? \\ \hline \hline \end{tabular} Construct the schedule of expected cash collections Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections \begin{tabular}{r|rrrr} & & ? & ? & ? \\ \hline? & ? & ? & ? & $2,085,000 \\ \hline \hline \end{tabular} Construct the production budget Budgeted unit sales Add desired finished goods inventory \begin{tabular}{rr|rr|r|r|r|r|r|r|} \hline & \multicolumn{4}{|c|}{ Year 2 Quarter } & & & \multicolumn{4}{|c|}{ Year 3 Quarter } \\ \hline 1 & 2 & & 3 & & 4 & Year & & 1 & 2 \\ \hline \end{tabular}