The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fuel year: EXERCISE 7-2 Preparing Sales and Production Budgets [LO2 - CC5, 6] 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales (units) 8,000 10,000 12,000 11,000 quarta The selling price of the company's product is $20 per unit. Management expects to collect 65% of sales in the in which the sales are made and 30% 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 $80,500 The company expects to start the first quarter with 2,000 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 2,250 units. Required: 1. Prepare the company's sales budget and schedule of expected cash collections. 2. Prepare the company's production budget for the upcoming fiscal year