1 Exercise 7-2 Preparing Sales and Production Budgets (LO2-CC5, 6) - EDITED The marketing department of Jessi Corporation has submitted the following sales for porns uncomme Budgeted sales (units) 1st 2nd 3rd Quarter 8,100 Quarter Quarter Quancen 10,100 12,100 11,100 Book Print erences The selling price of the company's product is $21 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% in the following quarter; 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $81,500. The company expects to start the first quarter with 2.050 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,300 units. Required: 1. Prepare the company's sales budget. JESSI CORPORATION Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year LO7-Budget Assignment 1 Required: 1. Prepare the company's sales budget. 6 points Saved JESSI CORPORATION Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales Book Pront Sheherences 2. Prepare the company's production budget for the upcoming fiscal year. JESSI CORATION Production Budget Total units needed 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Help Save & Exit