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 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, all of which is 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: Sales in Units April May ...__ . _ . .. 50,000 75,000 90,000 80,000 July .. . . 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