EXERCISE 7-14 Sales and Production Budgets [LO7-2, LO7-3] The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): The selling price of the company's product is $18.00 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 tobe uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $70,200. The company expects to start the first quarter with 1,650 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgetid sales. The desired ending finished goods inventory for the fourth quarter is 1,850 units. Required: 1. Prepare the company's sales budget and schedule of expected cash collections. 2. Prepare the company's production budget for the upcoming fiscal year