managerial accounting

Question No 2: RICHMAN Corporation manufactures and sells a seasonal product that has peak sales in the third quarter. The following information concerns operations for Year 2-the coming year-and for the first two quarters of Year 3: a) The company's single product sells for Tk 8 per unit. Budgeted sales in units for the next six quarters are as follows (all sales are on credit): Year 2 (Quarters) Year 3 (Quarters) Budgeted Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 unit sales 40,000 60,000 1,00,000 50,000 70,000 80,000 b) Sales are collected in the following pattern: 75% in the quarter the sales are made, and the remaining 25% in the following quarter. On January 1, Year 2, the company's balance sheet showed Tk 65,000 in accounts receivable, all of which will be collected in the first quarter of the year. c) The company desires an ending finished goods inventory at the end of each quarter equal to 30% of the budgeted unit sales for the next quarter. On December 31, Year 1, the company had 12,000 units on hand. Requirements: (Marks 10) Prepare the following budgets and schedules only for the Year 2, showing quarterly: 1. A sales budget and a schedule of expected cash collections. 2. A production budget