Required information The Chapter 8 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. 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: Year 2 Quarter Year 3 Quarter Data 2 3 1 2 Budgeted unit sales 45, 000 65,000 105, 000 60,000 80,000 95, 000 Selling price per unit $7 A B C 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 60,000 80,000 95,000 6 7 . Selling price per unit $ 7 per unit 8 . Accounts receivable, beginning balance $ 65,000 9 . Sales collected in the quarter sales are made 75% 10 . Sales collected in the quarter after sales are made 25% 11 . Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter 12 . Finished goods inventory, beginning 12,000 units 13 . Raw materials required to produce one unit 5 pounds 14 . Desired ending inventory of raw materials is 10% of the next quarter's production needsA C D F G 1 Chapter 8: Applying Excel 2 3 Data Year 3 Quarter 4 2 3 1 2 5 Budgeted unit sales 45000 65000 105000 60000 80,000 95000 6 7 - Selling price per unit ? per unit 8 - Accounts receivable, beginning balance 65,000 9 - Sales collected in the quarter sales are made 75% 10 - Sales collected in the quarter after sales are made 25% 11 - Desired ending nished goods inventory is 30% of the budgeted unit sales of the next quarter 12 - Finished goods inventory. beginning 12,000 units 13 - Raw materials required to produce one unit 5 pounds 14 - Desired ending inventory of raw materials is 10% of the next quarter's production needs 15 - Raw materials inventory. beginning 23,000 pounds 15 - Raw material costs 0.80 per pound 17 - Raw materials purchases are paid 60% in the quarter the purchases are made 18 and 40% in the quarter fol owing purchase 19 - Accounts payable for raw materials: beginning balance 81,500 Required information a. What are the total expected cash collections for the year under this revised budget? Expected cash collections for the year $ 1,925,000 b. What is the total required production for the year under this revised budget? Total required production for the year c. What is the total cost of raw materials to be purchased for the year under this revised budget? Total cost of raw materials to be purchased for the year d. What are the total expected cash disbursements for raw materials for the year under this revised budget? Total expected cash disbursements for raw materials for the yeare. 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? 0 No 0 Yes