Question

Required information Chapter 8: Applying Excel [LO8-2, LO8-3, LO8-4] The Chapter 8 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. Chapter 8: Applying Excel: Excel Worksheet (Part 1 of 2) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B26 enter the formula "= B5". Check your worksheet by changing the budgeted unit sales in Quarter 2 of Year 2 in cell C5 to 75,000 units. The required production for the year should be 274,000 units. The cost of raw materials to be purchased for the year should be $1,106,800, whereas the total cash disbursements for the year should be $1,095,980. If you do not get this answer, find the errors in your worksheet and correct them. Save your completed Applying Excel form to your computer and then upload it here by clicking “Browse.” Next, click “Save.” You will use this worksheet to answer the questions in Part 2.

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	$8	per unit
• 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 the budgeted unit sales of the next quarter
• Finished goods inventory, beginning	12,000	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	23,000	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	$81,500
Enter a formula into each of the cells marked with a ? below
Review Problem: Budget Schedules
Construct the sales budget	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	$8	$8	$8	$8	$8	$8
Total sales	$320,000	$480,000	$800,000	$400,000	$560,000	$640,000

Answer 1