TUIELILU VICAL File Home Insert Draw Page Layout Formulas Data Review View Help Search I PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 56 f B D E F G Chapter 8 Budgeting Assignment H Insert Name Here Data Year 2 Quarter 2 3 60,000 90,000 1 40,000 Budgeted unit sales Year 3 Quarter 1 2 70,000 80,000 4 50,000 Selling price per unit $9 Accounts receivable, beginning balance $60,000 Sales collected in the quarter sales are made 70% Sales collected in the quarter after sales are made 30% Desired ending finished goods inventory is 20% of the budgeted unit sales of the next quarter Finished goods inventory, beginning 8,000 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 22,000 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 $82,000 Enter a formula into each of the cells marked with a ? below to complete the budgets. Construct the sales budget 1 4 Year Year 2 Quarter 2 3 ? 2 2 ? ? Budgeted unit sales Selling price nariinit Chapter 8 Assignment ? 22 2. 2 2 4 PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enal A27 X fx F G H Year 2 2 ? Year ? ? ? ? ? 2 Year 3 Quarter 1 2 ? ? ? ? ? B D E 23 Enter a formula into each of the cells marked with a ? below to complete the budgets. 24 25 26 Construct the sales budget Year 2 Quarter 27 1 2 3 4 28 Budgeted unit sales ? ? ? ? 29 Seling price per unit ? ? 2 ? 30 Total sales ? ? 2 2 31 32 Construct the production budget Year 2 Quarter 33 1 2 3 4 34 Budgeted unit sales ? ? ? 2 35 Add desired ending finished goods inventory 2 ? 2 2 36 Total needs 2 2 2 ? 37 Less beginning finished goods inventory 2 ? 2 ? 38 Required production in units ? 2 2 ? 39 40 Construct the raw materials purchases budget Year 2 Quarter 41 2 3 42 Required production (units) ? 2 ? 2 43 Raw materials required to produce one unit (pounds) ? 2 2 44 Production needs (pounds) ? ? 2 ? 45 Add desired ending inventory of raw materials (pounds) ? 2 2 ? 46 Total needs (pounds) 2 2 2 47 Less beginning inventory of raw materials (pounds) 2 2 2 48 Raw materials to be purchased (pounds) 2 2 2 49 Cost of raw materials per pound 2 2 ? ? 50 Cost of raw materials to be purchased ? 2 ? ? 51 52 53 54 Use your completed worksheet to answer your five blackboard questions. cc Inload VAHT nrbehoot se dirarted in the seeinment Chapter 8 Assignment Ready 1 Year 2 Year 3 Quarter 1 ? ? 2 2 ? 2 ? 2 2 ? ? 2 2 2 2 Question Completion Status: QUESTION 1 What will total sales dollars be for the year? QUESTION 2 What is the total required production for the year? QUESTION 3 How many pounds of raw material will need to be purchased for the year? QUESTION 4 How much cash will be collected from customers in the fourth quarter? QUESTION 5 Click Save and Submit to save and submit. Click Save All Answers to save all answers W 27 QUESTION 3 How many pounds of raw material will need to be purchased for the y QUESTION 4 How much cash will be collected from customers in the fourth quarter QUESTION 5 How much cash will be paid for Raw Materials in the second quarter? QUESTION 6 Upload your completed Excel file here. Make sure you entered your name directly on the worksheet where directe Click Save and Submit to save and submit. Click Save All Answers to save 27 W