Fill in all the areas with question marks Data Year 2 Quarter Year 3 Ouarter Bud

Question

Fill in all the areas with question marks

Data Year 2 Quarter Year 3 Ouarter Budgeted unit sales 50,000 110,000 70,000 90,000 90,000 $7 per unit Selling price per unit Accounts receivable, beginning balance Sales collected in the quarter sales are made Sales collected in the quarter after sales are made Desired ending firished goods inventory is Finished goods inventory, beginning Raw materials required to produce one unit Desired ending inven.ory of raw materials is Raw materials inventary Raw material costs Raw materials purchases are pa 565,000 25% 30% of the budgeted unit sales of the next quarter 12000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds 0.80 per pound id 60% in the quarter the purchases are made 40% in the quarter following purchase Accounts payable for raw materials, beginning balance 581,500 Enter a formula into each of the cells marked with a? below Review Problem: Budget Schedules Construct the sales budget Budgeted unit sales Year 2 Quarter Year 3 Quarter Selling price per unit Total sales Construct the schedule of expected cash collections Year 2 Quarter Year Accounts receivable, beginning balance First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections Construct the production budget Year 2 Quarter Year 3 Quarter Year Budgeted unit sales Add desired finished goods i Total needs Less beginning Required productian Construct the raw materials purchases budget Year 2 Quarter Year 3 Quarter Year Required productian (units) Raw materials required to produce one unit Production needs (pounds) Add desired ending inventory of raw Total needs (pounds) Less beginning inventory of raw materials (pounds) Raw materials to be purchased Cost of raw materials per pound Cost of raw materials to be purchased Construct the schedule of expected cash payments Year 2 Quarter Year Accounts payable, beginning balance First-quarter purchases Second-quarter purchases Total cash disbursements

Explanation / Answer

Sales Budget Quarter 1 2 3 4 Year Budgeted unit sales 50000 70000 110000 70000 300000 Selling price per unit 7 7 7 7 Total sales 350000 490000 770000 490000 2100000 Schedule of expected cash collections Quarter 1 2 3 4 Year Accounts receivable,Beg bal 65000 Q1 sales 262500 87500 350000 (350000*0.75) (350000*0.25) Q2 sales 367500 122500 490000 (490000*0.75) (490000*0.25) Q3 sales 577500 192500 770000 (770000*0.75) (770000*0.25) Q4 sales 367500 367500 (490000*0.75) Total cash collections 327500 455000 700000 560000 2042500 Production Budget Quarter Quarter 1 2 3 4 Year 1 Budgeted unit sales 50000 70000 110000 70000 300000 90000 Add: Desired finidhed good inventory 21000 33000 21000 27000 102000 27000 (70000*30%) (110000*30%) (70000*30%) (90000*30%) (90000*30%) Total needs 71000 103000 131000 97000 402000 117000 Less: Beginning inventory 12000 21000 33000 21000 87000 27000 (70000*30%) (110000*30%) (70000*30%) (90000*30%) Required production 59000 82000 98000 76000 315000 90000 Raw material purchase budget Quarter Quarter 1 2 3 4 Year 1 Required production (units) 59000 82000 98000 76000 315000 90000 Raw material required to produce 1 unit 5 5 5 5 5 Production needs (Pounds) 295000 410000 490000 380000 1575000 450000 Add: Desired ending raw material inventory 41000 49000 38000 45000 173000 (410000*10%) (490000*10%) (380000*10%) (450000*10%) Total needs (Pounds) 336000 459000 528000 425000 1748000 Less: Beginning Raw material inventory 23000 41000 49000 38000 151000 (410000*10%) (490000*10%) (380000*10%) Raw materials to be purchased 313000 418000 479000 387000 1597000 Cost of raw materials per pound 0.8 0.8 0.8 0.8 Cost of raw materials to be purchased 250400 334400 383200 309600 1277600 Schedule of expected cash payments Quarter 1 2 3 4 Year Accounts payable,beginning balance 81500 81500 Q1 purchase 150240 100160 250400 (250400*0.60) (250400*0.40) Q2 purchase 200640 133760 334400 (334400*0.60) (334400*0.40) Q3 purchase 229920 153280 383200 (383200*0.60) (383200*0.40) Q4 purchase 185760 185760 (309600*0.60) Total cash dsbursments 231740 300800 363680 339040 1235260

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