Required information Chapter 8: (Algo) Applying Excel (LO8-2, LO8-3, LO8-4] The Chapter 8 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. Chapter 8: (Algo) Applying Excel: Exercise (Part 2 of 2) 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 1 45,000 $7 Year 2 Quarter 2 3 65,000 105,000 4 70,000 Year 3 Quarter 1 2 85,000 95,000 A B D E F G 1 Chapter 8: Applying Excel 2 3 Data Year 3 Quarter 4 1 2 3 4 1 2 5 Budgeted unit sales 45,000 65,000 105,000 70,000 85,000 95,000 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 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 7 per unit 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 $ $ What are the total evnected cach collections for the year under this revised budget? a. What are the total expected cash collections for the year under this revised budget? Answer is complete but not entirely correct. Expected cash collections for the $ 3,153,750 year b. What is the total required production for the year under this revised budget? Answer is complete but not entirely correct. Total required production for the 154,500 year 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 145,700 X year 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 121,680 X 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? Yes