KareemSleimanBudget Excel Spreadsheet.xlsx

KareemSleimanBudget Excel Spreadsheet.xlsx - Managerial...

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Page 1 of 18 Managerial Accounting Chapter 9- Budget Excel Spreadsheet Budgeted sales are expected to be: April 40,000 Units May 30,000 Units June 20,000 Units July 35,000 Units August 30,000 Units Selling Price $20 Per unit Prepare the Budgets for second quarter!! 1) Sales Budget with expected Cash Collections All sales are on account. The company collects 60% in month of sale and 35% in the following month. The remaining 5% is uncollectable. March 31 AR is 40,000 and all is collectable Month of sale Collections 60% Following month collections 35% Sales Budget April May June Budgeted sales in units 40,000 30,000 20,000 Times selling price per unit $ 20 $ 20 $ 20 Budgeted sells in dollars $ 800,000 $ 600,000 $ 400,000 Schedule of Cash Collections April May June AR March 31 Balance $ 40,000
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Page 2 of 18 April Sales $ 480,000 $ 280,000 May Sales $ 360,000 $ 210,000 June Sales $ 240,000 Total Cash Collections $ 520,000 $ 640,000 $ 450,000
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Page 3 of 18 2) Production Budget Production budget does not have a total column, instead does an extra period. The company desires to have inventory on hand at the end of each month 10% of the following month's budgeted sales in units. This was meet on March 31. (Hint: April 1 beginning Inventory would be 10% of April's budgeted sales in units) Desired ending inventory 10% April May June Sales in units * 40,000 30,000 20,000 Add desired ending Inv. 3,000 2,000 3,500 Total needs 43,000 32,000 23,500 Less Beginning Inv. 4,000 3,000 2,000 Production in units 39,000 29,000 21,500
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Page 4 of 18 3)
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