The work for this part of the exam must be complete on Excel $-$

Students must use the EXCEL TEMPLATE that I have provided.

Students must build formulas in excel to complete this portion of the exam.

If a cell is refered back to $-$ a formula must be used.

You will be graded on your use of EXCEL formulas and the correctness of your answers. Emmie's Stop and Go is preparing its master budget for the quarter ended June $30$

Sales Information

The company sells a single product for $$120$ each.

Sales are split between $35\%$ cash and $65\%$ on credit $($A$/$R$).$

All credit sales are collected in the following month.

The Accounts Receivable balance on March $31$ is $$12,000$

Budgeted sales are as follows:

Product Cost and Inventory Information

The product cost is $$65$ per unit.

The desired ending inventory is $55\%$ of the next month's sales in units.

Inventory in units for March $31$: $500$ units

Purchases are paid $30\%$ in the month of the purchase and $70\%$ the next month.

The Accounts Payable Balance on March $31$ is $$18,000$

Operating Expense Information

Commission $-(3\%$ of Sales$)$

Shipping $-(1\%$ of Sales$)$

Office Salaries $-$ $$4500$ per month

Rent Expense $-$ $$5000$ per month

Depreciation Expense $-$ $$3000$ per month

Prepare the following budgets for the months of April, May and June $(2{?}^{nd}Qtr$ Total Budget$)$

$($You must use excel to format the budgets and you must use Excel formulas to complete this portion

of the exam$)$

a$)$ Sales Budget

b$)$ Table of Cash Receipts

c$)$ Merchandise Purchase Budget

d$)$ Table of cash disbursement for Purchase of merchandise $($Product Cost$)$

e$)$ Table of cash disbursements for selling and administrative expenses

HINT: Cash Disbursements $-$ means cash going out