1. Sales Budget and Expected Cash Collections: 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 1,000 12,000 14,000 13,000 The selling price of the company's product is $18.00 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, a of which s expected to be collected in the first quarter, is $70,200. Prepare the company's sales budget and schedule of expected cash collections. 2. Production Budget: Down Under Products, Ltd, of Australia has budgeted sales of its popular boomerang for the next four months as follows April May . June July Sales in Units 50,000 75,000 90,000 80,000 The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of-month inventory levels must equal 10% of the following month's sales. The inventory at the end of March was 5.000 units. Prepare a production budget for the second quarter; in your budget, show the number of units to be produced each month and for the quarter in total