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please check over my answers The selling price of the company's product is $39 per unit. Management expects to collect 55% of sales in the
please check over my answers
The selling price of the company's product is $39 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% 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 $99,500. The company expects to start the first quarter with 2,950 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 3,200 units. 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 yearStep by Step Solution
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