The marketing department of Jessi Corporation has submitted the following sales
ID: 2556087 • Letter: T
Question
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) 1st Quarter2nd Quarter 3rd Quarter 4th Quarter 13,900 Budgeted unit sales11,900 12,900 14.9001 The selling price of the company's product is S18 per unit Management expects to collect 75% of sales in the quarter in which the sales are made, 20% 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 $72,000 The company expects to start the first quarter with 1,785 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarters budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,985 units Required: 1-a Complete the company's sales budget Jessi Corporation Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Budgeted units sales Selling price per unit Total sales 1-b. Complete the schedule of expected cash collections Schedule of Expected Cash Colections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning accounts receivable 1st Quarter sales 2nd Quarter sales 3ed Quarter sales 4th Quarter sales Total ca?h collections 2 Prepare the company's production budget for the upcoming fiscal year 0 Type here to searchExplanation / Answer
Jessi Corporation
Sales Budget
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
11,900 12,900 14,900 13,900 53,600
$18 18 18 18 18
Total sales $214,200 $232,200 $268,200 $250,200 $9,64,800
Schedule of Expected Cash Collections
1st Quarter 2nd Quarter 3rd Quarter Year
Beginning $72000 72,000
Accounts Receivable
1st Quarter Sales 160,650 42,840 203,490
2nd Qyarter Sales 174,150 46,440 220,590
3rd Quarter Sales 201,150 53,640 254,790
4th Quarter Sales 187,650 187,650
Total Cash Collection 232,650 216,990 247,590 241,290 938,520
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.