Question

# Data                                    Year 2 Quarter     &

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 \$12

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 budgeted unit sales of next QTR

Finished goods inventory, beginning 12,000

Raw materials required to produce one unit 5 pounds

Desired ending inventory of raw materials is 10% of next Qtr production needs

Raw materials inventory, beginning 23,000 pounds

Raw material costs \$0.80 per pound

Raw materials purchases are paid 60% in Qtr purchases are made and 40% in Qtr following purchase

Accounts payable for raw materials, beginning balance \$81,500

Direct labor cost per hour \$15

Direct labor hour per unit 0.2

Variable MOH rate \$2

Total fixed MOH \$60,000

Variable S&A expense rate \$1.80

Minimum cash balance \$50,000

Annual Interest rate 12%

BASED on above info what is the EXCEL formulas for the missing info below to get correct answers?

 Review Problem: Budget Schedules Construct the sales budget Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales ? ? ? ? ? ? Selling price per unit ? ? ? ? ? ? Total sales ? ? ? ? ? ? Construct the schedule of expected cash collections Year 2 Quarter 1 2 3 4 Year Accounts receivable, beginning balance ? ? First-quarter sales ? ? ? Second-quarter sales ? ? ? Third-quarter sales ? ? ? Fourth-quarter sales ? ? Total cash collections ? ? ? ? ?

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