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complete the following cost card quantity, price/rate The selling price of the company's product is $33 per unit. Management expects to collect 55% of sales
complete the following cost card quantity, price/rate
The selling price of the company's product is $33 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% in the following quarter; 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $93,500. The company expects to start the first quarter with 2,650 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 2,900 units. Required: 1. Prepare the company's sales budget. 2. Prepare the company's production budget for the upcoming fiscal yearStep by Step Solution
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