my recommendation for pages 7-8-9-10 do one by one. starting on number 7, then submit and make sure you have the correct answer before proceding to number 8-9 or 10, because the following may happen since we are working with an excel file it is formatted to correct formulas, so your formulas for number 8-9-10 may be correct but the calculations for the first number was incorrect.
please follow my advice and submit the file, upon completion of each sheet and make sure you are in the right track.
you should by now have worked on several pages of your project and I believe you need to be extra careful when calculation the budgets.
for 7.01: You have to start with the planned sales (given at the top) and the desired ending inventory. They tell you in the fact pattern that they want to decrease finished goods by 20%. If you look at the Balance Sheet you will see that they had 3,000 items in finished goods last year. They want to decrease that number by 20% which would be 600. Therefore, the desired ending inventory is 2,400 (3,000 – 600).
You are preparing the budget for next year. Therefore, every time they ask you for a beginning balance you will go to the Balance Sheet which is on sheet #2.
I suggest you try to work on it tonight so you can ask me questions in class tomorrow.
remember project is due 100% completed by saturday at 2pm sharp.
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