Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 66,900 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 223,000 units, third quarter, 459,000 units, and fourth quarter, 421,000 units. Company policy calls for the ending finished goods inventory of a quarter to equal 30% of the next quarter's budgeted sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture. ELECTRO COMPANY Production Budget Second and Third Quarters Second Quarter Third Quarter Required units of available production Units to be produced Jasper Company has sales on account and for cash. Specifically, 65% of its sales are on account and 35% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $517,000 for April, $527,000 for May, and $552,000 for June. The beginning balance of Accounts Receivable is $303,200 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales Sales on account 35% 65% Total sales $ 0 $ 0 $ 0 May June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts