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 3 Quarter Data Year 2 Quarter Budgeted unit sales 50,000 70,000 110,000 65,000 85,000 95,000 $7 per unit Selling price per unit 1 Chapter 8: Applying Excel Year 2 Quarter Data 3 Year 3 Quarter 5 Budgeted unit sales 50,000 70,000 110,000 65,000 85,000 95,000 7 Selling price per unit $7 per unit $65,000 8 .Accounts receivable, beginning balance 9 Sales collected in the quarter sales are made 25% 10 Sales collected in the quarter after sales are made I Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter 11 12 I Finished goods inventory, beginning 12,000 units 13 I Raw materials required to produce one unit 5 pounds 14 I. Desired ending inventory of raw materials is 10% of the next quarters production needs 15 I. Raw materials inventory, b 23,000 pounds 16 I. Raw material costs $0.80 per pound 17 I Raw materials purchases are paid 60% in the quarter the purchases are made 40% in the quarter following purchase 18 and 19 Accounts payable for raw materials, beginning balance $81,500 20 a. What are the total expected cash collections for the year under this revised budget? pected cash collectior This is a numeric cell, so please enter numbers only