Maple Ridge Corp has the following sales data forecast for the coming year Q1 Budgeted sales in units 3,760.00 Q2 Budgeted sales in units 4,700.00 Q3 Budgeted sales in units 5,640.00 Q4 Budgeted sales in units 5,170.00 Selling price/ per unit $9.40 Sales collection in current quarter 65% Sales collection in next quarter 30% Uncollectible 5% Last year outstanding A/R $37,835.00 Last year ending inventory 940.00 desired ending inventory is 7.05% of next quarter budgeted sales in units desired ending inventory for the forth quarter is 1057.50 Please use the budget format shown in the lecture notes to prepare the Sales and Production Budget. 1 Sales Budget Cash-in: $ 1,970,000 2019 Budgeted sales in units Selling price per unit Total Sales Q1 Q2 Q3 Q4 Total 10,000 $20 30,000 $20 40,000 $20 20,000 $20 100,000 units will be sold $20 $ 200,000 $ 600,000 $800,000 $400,000 $2,000,000 70% of sales money will be received in current quarter 30% of sales money will be received in next quarter 31-Dec-18 A/R=$90,000 Beg of 2019 Q1 Q2 Q3 Q4 Total Cash Receipts 90,000 $ 90,000 $ 140,000 $ 60,000 $ 200,000 $ 420,000 $180,000 $ 600,000 $ 560,000 $240,000 $ $ 280,000 $ 800,000 280,000 $ 230,000 $480,000 $ 740,000 $520,000 $ 1,970,000 Received in Q1, 2020 120,000 2019 yr-end A/R 2 Production Budget 2019 Q1 Q2 Q3 Q4 Total Q1, 2020 Budgeted sales in units 10,000 30,000 40,000 20,000 100,000 units will be sold 15,000 units plus Desired ending inventory 6,000 8,000 4,000 3,000 (20% of the next quarter sale volume) Total needs in units 16,000 38,000 44,000 23,000 100,000 minus 31-Dec-18 ending inventory 2000 units Beg Inventory 2,000 6,000 8,000 4,000 Required Production 14,000 32,000 36,000 19,000 100,000 101.000