The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: 1st Quarter 9,700 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales (units) 11,700 13,700 12,700 The selling price of the company's product is $37 per unit. Management expects to collect 60% of sales in the quarter in which the sales are made and 35% 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 $97,500 The company expects to start the first quarter with 2,850 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 3,100 units Required 1- Prepare the company's sales budget. Sales Budget 1Quarter 2Quarter 3Quarter 32,900 Quarter Year 69,900 Total sales 358,900 $506,900 $1768,600 1-b. Prepare the schedule of expected cash collections JESSI CORPORATION Schedule of Expected cash Collections 2nd quarter 3d Quarter 4th Quarter YEAR Quarter Accounts receivable, beginning balance 1t Quarter 2nd Quarter 3d Quarter 4h Quarter Total cash collections