The following are budgeted data: Sales in units Production in units January February March 15,200 20,400 18,200 18,200 19,200 17,100 One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 30% of the following mont be budgeted to be: Multiple Choice 18,570 pounds 18,630 pounds 19,670 pounds 19,830 pounds Frolic Corporation has budgeted sales and production over the next quarter as follows: July August September Sales in units 43,000 55,000 ? Production in units 43,900 55,300 59,650 The company has 4,600 units of product on hand at July 1. 10% of the next month's sales in units should be on hand at the end of each r September would be (in units): Multiple Choice 67,000 65,150 67,100 58,000 The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): Budgeted unit sales 1st Quarter 11,400 2nd Quarter 12,400 3rd Quarter 4th Quarter 14,400 13,400 The selling price of the company's product is $13 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $71,000. The company expects to start the first quarter with 1,710 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 1,910 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. Total sales 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Required 2 > 7. The LaGrange Corporation had the following budgeted sales for the first half of the current year Cash Credit Sales Sales January February $50,000 $150,000 $55,000 $170,000 March $29,000 $130,000 April $24,000 $100,000 May June $34,000 $200,000 $30,000 $30,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month To this end, the tofowing information has been assembled Collections on sales 45% in month of sale 35% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $7,000, of which $55,000 represents uncolected December sales and $16.000 represents uncollected November sales The total cash collected during January by LaGrange Corporation would be Mutiple Choice $241000 $100,000 Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year Beginning Ending Inventory Inventory Raw material Finished goods 54,000 94,000 64,000 64,000 Three pounds of raw material are needed to produce each unit of finished product If Paradise Corporation plans to sell 550,000 units during next year, the number of units it would have to manufacture during the year would be: Mutiple Choice $80,000 units 520 000 units 550,000 units 496.000 units Frolic Corporation has budgeted sales and production over the next quarter as follows: July August September Sales in units 43,000 Production in units 55,000 43,900 55,300 ? 59,650 The company has 4,600 units of product on hand at July 1. 10% of the next month's sales in units should be on hand at the end of each w September would be (in units): Multiple Choice 67,000 65,150 67,100 58,000