Week Six - Part Six.docx - Week 6(80 PTS Using Word or...

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Week 6 (80 PTS) Using Word or Excel prepare the following budgets in order, for Peter's Pet Toys. Use good form. Double rule the completed budgets. Use $ signs for totals that represent dollars, to distinguish from units. Each budget should show 4 quarters of calendar year, and a total for the whole year, where appropriate. Terminology can be flexible. For example some schedules can be labeled budgets. Taken together, these individual budgets create the Master Budget. SALES FORECAST/BUDGET INFO 1) Prepare two Sales Budget by Quarter, given the following information. Format for 2 decimal places. Cat Dog Pet Castle Den Palace Sales price, constant all year $384.94 $466.67 $412.37 Q1 projected sales units 247 180 100 Q2 projected sales units 281 188 115 Q3 projected sales units 308 190 131 Q4 projected sales units 333 192 139 General format/layout of the first sales budget. Q1 Q2 Q3 Q4 Castle Den Palace Castle Den Palace Castle Den Palace Castle Den Palace Budgeted Units 247 180 100 281 188 115 308 190 131 333 192 139 Sales prices $384. 94 $466.6 7 $412.3 7 $384.9 4 $466.6 7 $412.3 7 $384.9 4 $466.6 7 $412.3 7 $384.9 4 $466. 67 $412.3 7 Total Budgeted Sales $95,08 0.18 $84,00 0.60 $41,23 7.00 $108,1 68.14 $87,73 3.96 $47,42 2.55 $118,5 61.52 $88,66 7.30 $54,02 0.47 $128,1 85.02 $89,60 0.64 $57,31 9.43 General format of the second sales budget which will show only total sales for each quarter Q1 Q2 Q3 Q4 Total Total Budgeted Sales Dollars $220,317. 78 $243,324. 65 $261,249. 29 $275,105. 09 $999,996. 81
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Q1 Q2 Q3 Q4 Year A/R, Beginning balance $25,000.00 $25,000.00 Cash Sales (10% of sales) $22,031.78 $24,332.47 $26,124.93 $27,510.51 $99,999.68 Credit card sales (80% of sales less 5% credit card fee) $167,441.51 $184,926.73 $198,549.46 $209,079.87 $759,997.57 Sales on account, n/90 $0.00 $22,031.78 $24,332.47 $26,124.93 $72,489.17 Totals $214,473.29 $231,290.97 $249,006.85 $262,715.31 $957,486.42 2) CASH COLLECTION INFORMATION for SCHEDULE OF CASH COLLECTIONS 80% of sales - customers use a credit card 10% of sales - cash, immediate receipt of cash upon sale 10% of sales - Peter's Pet Toys offers terms of n/90, allowing the customer to pay in full the Beginning A/R Balance is $25,000, collected in its entirety in the first quarter. Format for whole #s or 2 decimals, as you wish. An outline of the schedule is shown below. 3) PRODUCTION INFORMATION for PRODUCTION BUDGET Production - The 3 products can be aggregated for production purposes. The sum of all the castles, dens, and palaces--combined--are the units used in the production budget. There is not a separate production budget for each product as they undergo the same production process. Peter's Pet Toys likes to keep 5% of the next quarter's sales level as the current quarter's Finished Goods ending inventory.
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  • Fall '19
  • cash collections

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