Fortin Limited produces and sells 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 year. First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted unit sales 24,300 22, 400 20,800 22, 600 The light sells for $60 per unit and all sales are on account. 75% of sales are expected to be collected in the quarter of sale, with the remainder in the following quarter. Accounts receivable at the beginning of the quarter were $160,000 and will all be collected during the first quarter of the year. At the end of the previous quarter there were 2,000 units in finished goods inventory. The desired ending finished 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. First Second Third Fourth Quarter Quarter Quarter Quarter Year Budgeted unit sales 24,300 22,400 20,800 22,600 Selling price per unit Total Sales1-b. Prepare the schedule of expected cash collections. FORTIN LIMITED Schedule of Expected Cash Collections First Second Third Fourth Year Quarter Quarter Quarter Quarter Accounts receivable, beginning balance $ 0 1st Quarter sales 0 2nd Quarter sales 0 3rd Quarter sales 0 O 4th Quarter sales Total cash collections 0 $ 0 $ 0 $ 0 $ 0 2. Prepare the company's production budget for the upcoming fiscal year. FORTIN LIMITED Production Budget First Second Third Fourth Year Quarter Quarter Quarter Quarter Budgeted unit sales Total units needed 0 0 0 0 Required production 0 0 0 0 0Fortin Limited produces and sells a single product, a wearable LEIIlI light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming year. First. Second Third Fourth Quarter Quarter Quarter Quarter Budgeted unit. sales 24.6% 21.3% ammo 21,300 Each light requires two separate LED bulbs, each of which costs $2. To ensure enough LED bulbs are on hand to support short-term production ifa problem arises with the sole supplier. Fortin Limited maintains an ending inventory of 10% of the following quarter's production needs. A total of 5.000 LED bulbs will be on hand to start the rst quarter of the upcoming scal year. Management expects sales in the fourth quarter of the upcoming year to be the same as the rst quarter of the following year. Rag-aired: Prepare a direct materials purchases budget for LEIIlI 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. Required production of lights Number of bulbs per light Total production needsbulbs Required purohasesbulbs Total cost of purchases Fortin Limited produces and sells 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 year. First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted unit sales 24, 600 21, 800 20, 700 21, 300 At the end of the previous quarter there were 2,500 units in finished goods inventory. The desired ending finished 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. Each light requires 0.75 direct labour-hours for assembly and employees are paid $22 per hour. Required: Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecast number of units. (Round "Direct labour time per unit" answers to 2 decimal places. Round "Total direct labour hours needed" answers to whole number.) FORTIN LIMITED Direct Labour Budget First Quarter Second Quarter Third Quarter Fourth Quarter Year Units to be produced Direct labour time per unit (hours) Total direct labour hours needed Direct labour cost per hour Total direct labour cost