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Using the below information open an excel file and create a Sales Budget, a Cash Receipt...

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Accounting

Using the below information open an excel file and create aSales Budget, a Cash Receipt Schedule and a Production Budget forFiwrt for the months of Oct, Nov, and Dec. Make sure to use properformat including dollar signs and headers - this will count in thegrade. Upload the excel file as your response.

Fiwrt Corporation manufactures and sells stainless steel coffeemugs. Expected mug sales (in units) are expected to be as follows:September – 32,000, October – 30,000, November – 36,000, December –34,000, and January 35,000.

Selling Price is expected to be $8 per mug. 40% of sales are onaccount. All sales on account are collected in the following month.Fiwrt likes to maintain a finished goods inventory equal to 30% ofthe next month's estimated sales.

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Solution:

Sales Budget - Fiwrt
Particulars October November December Total
Sales units 30000 36000 34000 100000
Selling price per unit $8.00 $8.00 $8.00 $8.00
Projected Sales Revenue $240,000.00 $288,000.00 $272,000.00 $800,000.00
Schedule of expected cash collections
Particulars October November December Total
Cash sales (60%) $144,000.00 $172,800.00 $163,200.00 $480,000.00
Collction of sales on account $102,400.00 $96,000.00 $115,200.00 $313,600.00
Expected cash collections $246,400.00 $268,800.00 $278,400.00 $793,600.00
Production Budget - Fiwrt
Particulars October November December Total
Sales units 30000 36000 34000 100000
Add: Desired ending inventory (30% of next month sales) 10800 10200 10500 10500
Less: Opening Inventory 9000 10800 10200 9000
Budgeted Production units 31800 35400 34300 101500
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