E Connect ACCOUNTING Chpt 7 Question 1000 points 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 Budgeted unit sales 11,400 12,400 14.400 13,400 The selling price of the company's product is $13 per unit Management expects to collect sales in the quarter in which the sales are made, 30% in the following quarter and 5% of sales are expected to first quarter is balance of accounts receivable, al of which is expected to be collected in the The company expects to start the first quarter with 1,710 units in finished goods inventory Management 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 1910 units. Required 1a Complete the company's sales budget. Jessi Corporation Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Budgeted units sales Selling price per unit 1-b Complete the schedule of expected cash collections Jessi Corporation Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year