Question
Required information Chapter 8: Applying Excel [LO8-2, LO8-3, LO8-4] The Chapter 8 Form worksheet is to be used to create your own worksheet version of
Required information Chapter 8: 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: Applying Excel: Excel Worksheet (Part 1 of 2) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B26 enter the formula "= B5". 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 correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking Browse. Next, click Save. You will use this worksheet to answer the questions in Part 2.
| Data | Year 2 Quarter | Year 3 Quarter | ||||
| 1 | 2 | 3 | 4 | 1 | 2 | |
| Budgeted unit sales | 40,000 | 60,000 | 100,000 | 50,000 | 70,000 | 80,000 |
| Selling price per unit | $8 | per unit | ||||
| Accounts receivable, beginning balance | $65,000 | |||||
| Sales collected in the quarter sales are made | 75% | |||||
| Sales collected in the quarter after sales are made | 25% | |||||
| 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 | Year 2 Quarter | Year 3 Quarter | ||||
| 1 | 2 | 3 | 4 | 1 | 2 | |
| Budgeted unit sales | 40,000 | 60,000 | 100,000 | 50,000 | 70,000 | 80,000 |
| Selling price per unit | $8 | $8 | $8 | $8 | $8 | $8 |
| Total sales | $320,000 | $480,000 | $800,000 | $400,000 | $560,000 | $640,000 |
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
