Exercise 8-14 Sales and Production Budgets [LO8-2, L08-3] The marketing department of Jess! Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account); Budgeted unit Sales 1st Quarter 12,400 2nd Quarter 13,400 3rd Quarter 15,400 4th Quarter 14,400 The selling price of the company's product is $23 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 begleining balance of accounts receivable, all of which is expected to be collected in the first quarter, is $73,000, The company expects to start the first quarter with 2.480 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 2,680 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 who Complete this question by entering your answers in the tabs below. Required 1 Required Required Calculate the estimated sales 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 estimated sales for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter Year 4th Quarter 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Year Required production in units