B the quarter in which the sales are made, 25% in the D E F G H Michael Scott Paper Company has begun its first year of operations. Michael has heard that you are an expert on budgeting and has asked you to help him prepare some relevant budgets. He has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): Budgeted unit sales 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 18,000 12,000 34,000 28,000 The selling price of the company's product is $15.00 per unit. Management expects to collect 70% of sales in the quarter in which the sales are made, 25% 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 $30,000. The company expects to start the first quarter with 2,200 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 3,520 units. Assignments