7s 203 si9 5602-Prin of Accounting im Chapter 8: Homework Accounting question 1 Chega Chapter 8: Homework Help Save & Exl Che 2 Exercise 8-14 Sales and Production Budgets [LO8-2, LO8-3] The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account 3.33 points 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 12,400 11,400 Budgeted unie sales 14,400 eBook The selling price of the company's product is $13 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 uncolectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $71,000. Print The company expects to start the first quarter with 1,710 units in finished goods inventory. Management desires an ending finished goods inventory in eachquarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,910 units References Required: 1 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Requred 1 Required 2 |Required 3 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 3rd Quarter 4th Quarter Year 1st Quarter 2nd Quart Total sales Required 2> te of the iscal year and for the year as a whole. 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. te the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. 3. Calcula References Complete this question by entering your answers in the tabs below. Required 1 Requined 2 Required 3 te the expected cash collections for each quarter of the fiscal year and for the year as a whole. Calcula 1st Q d Qu h Quarter Total cash collections