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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
12,400
13,400
15,400
14,400
The selling price of the company's product is $23 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 $73,000.
The company expects to start the first quarter with 2,480 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 2,680 units.
Required:
1- a.Complete the company's sales budget. b. Complete the schedule of expected cash collections.2- Prepare the company's production budget for the upcoming fiscal year.
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