C6 7 The facts for this problem are presented on the Facts tab of this workbook.

Question

C6 7 The facts for this problem are presented on the Facts tab of this workbook. 8 Instructions-Your solutions should be clearly labeled on the Solutions tab of this workbook. 10 For the first quarter of 2017, do the following 11 (a) Prepare a sales budget. This is similar to Iustration 21-3 on page 1088 of your textbook 12 (b) Prepare a production budget. This is similar to ilustration 21-5 on page 1089 of your textbook. 13 (c) Prepare a direct materials budget. (Round to nearest dollar) This is similar to Iilustration 21-7 on page 1091 of your textbook. 14 (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) This is similar to ilustration 21-9 on page 1094 of your textbook. 15 (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar.) This is similar to illustration 21-10 on page 1094 of your textbook. 16 (f) Prepare a selling and administrative budget. This is similar to iustration 21-11 on page 1095 of your textbook. 17 (g) Prepare a budgeted income statement. Round intermediate calculations to the nearest dollar.) This is similar to illustration 21-13 on page 1096 of your textbook. 18 (h) Prepare a cash budget. This is similar to lilustration 21-17on page 1100 of your textbook. 19 You will need to prepare schedules for expected collections from customers and expected payments to vendors first. See lIlustrations 21-15 and 21-16 on page 1099 of your textbook for guidance.) 20 21 Rules: 22 Use Excel's functionality to your benefit.Points are lost for lack of formula 23 Use proper formats for schedules, following the referenced textbook examples 24 Use dollar-signs and underscores where appropriate 25 Double-check your work! Verify your formula and logic!

Explanation / Answer

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Sales budget January February March Total Unit sales 106000 107000 110000 323000 Unit selling price 11 11 11 11 Budgeted Sales 1166000 1177000 1210000 3553000 Schedule of collections January February March Total Same month (75%) 874500 882750 907500 2664750 Prevoius month 185000 291500 294250 770750 Total collections 1059500 1174250 1201750 3435500

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