The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 13,000 Budgeted unit sales 2nd Quarter 3rd Quarter 4th Quarter 14,000 16,000 15.000 The selling price of the company's product is $29 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 $74,200. The company expects to start the first quarter with 2,600 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,800 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. 1st Quarter 5 377,000 2nd Quarter $ 406,000 3rd Quarter $ 464,000 4th Quarter $ 435,000 Year $1,682,000 Total sales Required 2 > The selling price of the company's product is $29 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 $74,200. The company expects to start the first quarter with 2.600 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,800 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 expected dish collections for each quarter of the fiscal year and for the year as a whole 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total cash collections ( Required 1 Required 3 > The selling price of the company's product is $29 per unit. Management expects to collect 65% of sales in the quarter in which sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accou receivable, all of which is expected to be collected in the first quarter, is $74,200. The company expects to start the first quarter with 2.600 units in finished goods inventory Management desires an ending finis goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventor the fourth quarter is 2,800 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 required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Required production in units
