Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The andilics quoup at Fortin timiled has developed the following estimates for unit sales in the upcoming year. The light sells for $40 per unit and all sales are on account. 75% of sales are expected to be collected in the quarter of sale, wilth the remainder in the following quartet. Accounts receivable at the beginning of the quarter were $168,000 and will all be colected during the first quarter of the yeat. At the end of the previous quarter there wete 2.600 units in finished goods inventory. The desired ending finkhed goods inventory at the end of each quarter is 10% of the next quarter's budgeted sales. Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year. Required: 1-a. Prepare the company's sales budget. 1-b. Prepare the schedule of expected cash collections. 2. Prepare the company's production budget for the upcoming fiscal year. Fortin Limited produces and selis a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming yeat. Each light requires two separate LFD bulbs, each of which costs \$2. To ensure enough LED bulbs are on hand to support short term production If a problem arises with the sole suppller, Fortin Limited maintains an ending inventory of 10% of the following quarter's production needs. A total of 5,200 LED bulbs wil be on hand to start the first quatter of the upcoming fiscal year. Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year. Required: Prepare a direct materials purchases budget for LED bulbs, by quarter and in total, for the upcoming fiscal year. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Hint. Fortin Limited maintains an ending invertory of both raw materlals and finished goods of 10% of the following quarter's production needs. Before preparing a direct materials budget, the production budget must be prepared. Prepare a direct materials purchases budget for LED bulbs, by quarter and in totat, for the upcoming fiscal year. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Hint Fortin Limited maintains an ending Inventory of both raw materials and finished goods of 10% of the following quarter's production needs, Before preparing a direct materlals budget, the production budget must be prepared. Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The andilics quoup at Fortin timiled has developed the following estimates for unit sales in the upcoming year. The light sells for $40 per unit and all sales are on account. 75% of sales are expected to be collected in the quarter of sale, wilth the remainder in the following quartet. Accounts receivable at the beginning of the quarter were $168,000 and will all be colected during the first quarter of the yeat. At the end of the previous quarter there wete 2.600 units in finished goods inventory. The desired ending finkhed goods inventory at the end of each quarter is 10% of the next quarter's budgeted sales. Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year. Required: 1-a. Prepare the company's sales budget. 1-b. Prepare the schedule of expected cash collections. 2. Prepare the company's production budget for the upcoming fiscal year. Fortin Limited produces and selis a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming yeat. Each light requires two separate LFD bulbs, each of which costs \$2. To ensure enough LED bulbs are on hand to support short term production If a problem arises with the sole suppller, Fortin Limited maintains an ending inventory of 10% of the following quarter's production needs. A total of 5,200 LED bulbs wil be on hand to start the first quatter of the upcoming fiscal year. Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year. Required: Prepare a direct materials purchases budget for LED bulbs, by quarter and in total, for the upcoming fiscal year. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Hint. Fortin Limited maintains an ending invertory of both raw materlals and finished goods of 10% of the following quarter's production needs. Before preparing a direct materials budget, the production budget must be prepared. Prepare a direct materials purchases budget for LED bulbs, by quarter and in totat, for the upcoming fiscal year. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Hint Fortin Limited maintains an ending Inventory of both raw materials and finished goods of 10% of the following quarter's production needs, Before preparing a direct materlals budget, the production budget must be prepared