Exercise 8-14 (Algo) Sales and Production Budgets [LO8-2, LO8-3] 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 $27 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 $73,800. The company expects to start the first quarter with 2,560 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,760 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 year as a whole. Complete this question by entering your answers in the tabs below. 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. \begin{tabular}{|l|l:c} Required 1 & Required 2 & Required 3 \\ \hline \end{tabular} Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. \begin{tabular}{|l|l|l|l|l|l|} \hline & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter & Year \\ \hline Required production in units & & & & & \\ \hline \end{tabular} Required 2