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The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 Budgeted unit sales 45,000 65,000 3 120,000 4 1 2 60,000 80,000 100,000 Selling price per unit $7 1 Chapter 8: Applying Excel 2 3 Data 4 A B C D E F G 1 2 3 4 Year 3 Quarter 1 2 45,000 65,000 120,000 60,000 80,000 100,000 5 Budgeted unit sales 6 7 Selling price per unit 8 Accounts receivable, beginning balance 9 • Sales collected in the quarter sales are made EA $ 7 per unit 65,000 75% 10 11 12 • Finished goods inventory, beginning 13 14 34 • Raw materials required to produce one unit • Desired ending inventory of raw materials is 15 16 56 Raw materials inventory, beginning • Sales collected in the quarter after sales are made Desired ending finished goods inventory is 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds • Raw material costs $ 0.80 per pound 17 • Raw materials purchases are paid 60% in the quarter the purchases are made 18 and 40% in the quarter following purchase 19 • Accounts payable for raw materials, beginning balance $ 81,500

The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 Budgeted unit sales 45,000 65,000 3 120,000 4 1 2 60,000 80,000 100,000 Selling price per unit $7 1 Chapter 8: Applying Excel 2 3 Data 4 A B C D E F G 1 2 3 4 Year 3 Quarter 1 2 45,000 65,000 120,000 60,000 80,000 100,000 5 Budgeted unit sales 6 7 Selling price per unit 8 Accounts receivable, beginning balance 9 • Sales collected in the quarter sales are made EA $ 7 per unit 65,000 75% 10 11 12 • Finished goods inventory, beginning 13 14 34 • Raw materials required to produce one unit • Desired ending inventory of raw materials is 15 16 56 Raw materials inventory, beginning • Sales collected in the quarter after sales are made Desired ending finished goods inventory is 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds • Raw material costs $ 0.80 per pound 17 • Raw materials purchases are paid 60% in the quarter the purchases are made 18 and 40% in the quarter following purchase 19 • Accounts payable for raw materials, beginning balance $ 81,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 Budgeted unit sales 45,000 65,000 3 120,000 4 1 2 60,000 80,000 100,000 Selling price per unit $7 1 Chapter 8: Applying Excel 2 3 Data 4 A B C D E F G 1 2 3 4 Year 3 Quarter 1 2 45,000 65,000 120,000 60,000 80,000 100,000 5 Budgeted unit sales 6 7 Selling price per unit 8 Accounts receivable, beginning balance 9 • Sales collected in the quarter sales are made EA $ 7 per unit 65,000 75% 10 11 12 • Finished goods inventory, beginning 13 14 34 • Raw materials required to produce one unit • Desired ending inventory of raw materials is 15 16 56 Raw materials inventory, beginning • Sales collected in the quarter after sales are made Desired ending finished goods inventory is 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds • Raw material costs $ 0.80 per pound 17 • Raw materials purchases are paid 60% in the quarter the purchases are made 18 and 40% in the quarter following purchase 19 • Accounts payable for raw materials, beginning balance $ 81,500
Transcribed Image Text:The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 Budgeted unit sales 45,000 65,000 3 120,000 4 1 2 60,000 80,000 100,000 Selling price per unit $7 1 Chapter 8: Applying Excel 2 3 Data 4 A B C D E F G 1 2 3 4 Year 3 Quarter 1 2 45,000 65,000 120,000 60,000 80,000 100,000 5 Budgeted unit sales 6 7 Selling price per unit 8 Accounts receivable, beginning balance 9 • Sales collected in the quarter sales are made EA $ 7 per unit 65,000 75% 10 11 12 • Finished goods inventory, beginning 13 14 34 • Raw materials required to produce one unit • Desired ending inventory of raw materials is 15 16 56 Raw materials inventory, beginning • Sales collected in the quarter after sales are made Desired ending finished goods inventory is 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds • Raw material costs $ 0.80 per pound 17 • Raw materials purchases are paid 60% in the quarter the purchases are made 18 and 40% in the quarter following purchase 19 • Accounts payable for raw materials, beginning balance $ 81,500
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