Question
someoneeeeeeeee pleaseeeeeeeee help solve this i have 10 minutes left. The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming
someoneeeeeeeee pleaseeeeeeeee help solve this i have 10 minutes left.
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year:
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||
Budgeted sales (units) | 9,300 | 11,300 | 13,300 | 12,300 | |
The selling price of the companys product is $33 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 $93,500.
The company expects to start the first quarter with 2,650 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarters budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,900 units.
Required:
1-a. Prepare the company's sales budget
Prepare the schedule of expected cash collections.
2. Prepare the company's production budget for the upcoming fiscal year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started