Exercise 8-14 (Algo) Sales and Production Budgets (L08-2, L08-3] The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sites are on account): Budgeted unit sales Ist Quarter 11,100 2nd Quartered Quarteroth Quarter 12.100 14,100 13,100 The selling price of the company's product is $10 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made. 20% 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 $70,400 The company expects to start the first quarter with 1665 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 1,865 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole, 2 Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the yoat as whole. Complete this question by entering your answers in the tabs below, Complete this question by entering your answers in the tabs below, Required 1 Required? Recured Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales Required 2 > 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 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total cash collections Required 1 Required 2 Required 3 Year Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Required production in units