Business, 14.03.2020 00:16 lizzyhearts

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account):

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 12,000 13,000 15,000 14,000

The selling price of the company’s product is $19 per unit.

Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible.

The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $72,200.

The company expects to start the first quarter with 2,400 units in finished goods inventory.

Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter’s budgeted sales.

The desired ending finished goods inventory for the fourth quarter is 2,600 units.

Required:

1-a. Complete the company's sales budget.

1-b. Complete the schedule of expected cash collections.

2. Prepare the company’s production budget for the upcoming fiscal year.

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