Business, 13.08.2020 01:01 mharrington2934

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 12,200 13,200 15,200 14,200
The selling price of the company’s product is $21 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 $72,600.
The company expects to start the first quarter with 2,440 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 2,640 units.
Required
1-A. Complete the company's 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.
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Beginning Accts Receivable
1st Quarter Sales
2nd Quarter Sales
3rd Quarter Sales
4th Quarter Sales
Total Cash Collections
2. Prepare the company’s production budget for the upcoming fiscal year.
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year
Budgeted Unit Sales
Total Needs
Required Production in Units

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Answer from: wilboisa000

1-A. Sales budget

1st 2nd 3rd 4th

Quarter Quarter Quarter Quarter Year

Sales units 12,200 13,200 15,200 14,200 54,800

Price per unit $21 $21 $21 $21 $21

Total sales $256,200 $277,200 $319,200 $298,200 $1,150,800

1-B. Cash collections budget

1st 2nd 3rd 4th

Quarter Quarter Quarter Quarter Year

Collections from $72,600 $76,860 $83,160 $95,760 $72,600

previous quarter

Collections from $166,530 $180,180 $207,480 $193,830 $1,003,900

current quarter

Total $239,130 $257,040 $290,640 $289,690 $1,076,500

2. Productions budget

1st 2nd 3rd 4th

Quarter Quarter Quarter Quarter Year

Sales units 12,200 13,200 15,200 14,200 54,800

Planned ending 2,640 3,040 2,840 2,640 2,640

inventory

Total production 14,840 16,240 18,040 16,840 65,960

required

- Beginning 2,440 2,640 3,040 2,840 2,440

inventory

Units to be 12,400 13,600 15,000 14,000 63,520

produced

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