Exercise $8-14($Algo$)$ Sales and Production Budgets $[$LO$8-2,$ LO$8-3]$

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year $($all sales are on account$)$:

$\backslash$table$[[$Budgeted unit sales,$11$st Quarter,$2$nd Quarter,$3$rd Quarter,$4$ th Quarter$],[,11,800,12,800,14,800,13,800]]$

The selling price of the company's product is $$17$ per unit. Management expects to collect $65\%$ of sales in the quarter in which the sales are made, $30\%$ in the following quarter, and $5\%$ of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $$71,800.$

The company expects to start the first quarter with $1,770$ 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 $1,970$ units.

Required:

Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole.

Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole.

Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole.

$\backslash$table$[[,1$st Quarter,$2$nd Quarter,$3$rd Quarter,$4$th Quarter,Year$],[$Total cash collections,,,,,$]]$