Exercise 22-3 Manufacturing: Production budget LO P1 Ruiz Co. provides the following sales forecast for the next four months. April 670 May 750 June 700 July 790 Sales (units) The company wants to end each month with ending finished goods inventory equal to 40% of next month's forecasted sales. Finished goods inventory on April 1 is 268 units. Prepare a production budget for the months of April, May, and June. RUIZ CO. May June 700 790 Production Budget For April, May, and June April Next month's budgeted sales (units) 750 Ratio of inventory to future sales 40% Budgeted ending inventory (units) Budgeted unit sales for month Required units of available production Budgeted beginning inventory (units) Units to be produced Exercise 22-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $529,000 for April, $539,000 for May, and $564,000 for June. The beginning balance of Accounts Receivable is $309,200 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 36% Sales on account 64% Total sales $ 0 $ 0 $ 0 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts