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 lke to use the following projections in the budget r 3 Budgeted unit sales Selling price per unit 45,000 70,000 115,000 60,000 85,000 96,000 $7 per unit 1 Chapter 7: Applying Excel 3 Data 5 Budgeted unit sales Year 2 Quarter Year 3 Quarter 70,000 15,000 85,000 95,000 Seling price per unit 8Accounts receivable, beginning balance 8 per unit 79% 25% 0% of the budgeted unit sales of the next quarter $65,000 Sales collected in the quarter sales are made Sales collected in the quarter afher sales are made 1.Desired ending finished goods Inventory 2 Finished goods Inventory, beginning 3 Raw materials required to produce one unit 12,000 units 14Desired ending Inventory of raw materials is 5 pounds 10% of the next quarters production needs 5 Raw materials inventory, beginning 6 Raw material costs 7 Raw materials purchases are paid 18 and 23,000 pounds 0.80 per pound 60% in the quarter the purchases aro made 40% in the quarter following purchase 19 Accounts payabie for raw materials, beginning balance $81,600 a. What are the total expected cash collections for the year under this revised budget