Budgeting In-Class Assignment Question 1: The Marketing Department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: Budgeted sales ( units) 1" Quarter 8,000 2-d Quarter 10,000 304 Quarter 2,000 4* Quarter 11,000 The selling price of the company's product is $20 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 $80,500. The company expects to start the first quarter with 2000 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 2,250 units. Required: 1. Prepare the company's sales budget and schedule of expected cash collections