Madinabonu Akramova group Econ1 Managerial Accounting Final.xls

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1d2471d8955f1f254b4eaf89373fe22266354bed.xls Page 1 Managerial Accounting Final Assignment task Data Year 2 Quarter Year 3 Q 1 2 3 4 1 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 • Selling price per unit $8 • 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 Q 1 2 3 4 1 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 Selling price per unit $8 $8 $8 $8 $8 Total sales $320,000 $480,000 $800,000 $400,000 $560,000 Construct the schedule of expected cash collections Year 2 Quarter 1 2 3 4 Year Beginning balance accounts receivable $ 65,000 $ 65,000 First-quarter sales 240,000 $ 80,000 320,000 Second-quarter sales 360,000 $ 120,000 480,000 Third-quarter sales 600,000 $ 200,000 800,000 Fourth-quarter sales 300,000 300,000 Total cash collections $ 305,000 $ 440,000 $ 720,000 $ 500,000 $ 1,965,000 Construct the production budget Year 2 Quarter 1 2 3 4 Year Budgeted unit sales 40,000 60,000 100,000 50,000 250,000 Add desired ending finished goods inventory 18,000 30,000 15,000 21,000 21,000 Total needs 58,000 90,000 115,000 71,000 271,000 Less beginning finished goods inventory 12,000 18,000 30,000 15,000 12,000 Required production in units 46,000 72,000 85,000 56,000 259,000 Construct the raw materials purchases budget Year 2 Quarter Y 1 2 3 4 Year Required production (units) 46,000 72,000 85,000 56,000 259,000 Raw materials required to produce one unit (pounds) 5 5 5 5 5 Production needs (pounds) 230,000 360,000 425,000 280,000 1,295,000 Add desired ending inventory of raw materials (pounds) 36,000 42,500 28,000 36,500 36,500

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