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Exercise 7-2 Preparing Sales and Production Budgets (LO2- CC5, 6) - EDITED The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year Budgeted sales (units) Ist Quarter 8,800 2nd Quarter 10,800 Brd Quarter 12,800 4th Quarter 11,800 The selling price of the company's product is $28 per unit. Management expects to collect 60% of sales in the quarter in which the sales are made and 35% in the following quarter, 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $88,500. The company expects to start the first quarter with 2.400 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,650 units. Raad 1. Prepare the company's sales budget. JESSI CORPORATION Sales Budget 2nd Quartos 3rd Quarter 1st Quarter Ath Quarter Year Total sales 2. Prepare the company's production budget for the upcoming fiscal year JESSI CORPORATION Production Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total units needed