The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 11,000 13,000 14,000 14,000 The selling price of the company's product is $18 per unit. Management expects to collect 61% of sales in the quarter in which the sales are made, 27% in the following quarter, and 12% 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 $66,200. The company expects to start the first quarter with 1,550 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,790 units. Requirement 1: (a) Prepare the company's sales budget. (Omit the "$" sign in your response.) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales $ $ $ $ $ (b) Prepare the schedule of expected cash collections. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Jessi Corporation Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Accounts receivable, beginning balance $ $ $ $ $ 1st Quarter sales 2nd Quarter sales 3rd Quarter sales 4th Quarter sales Total cash collections $ $ $ $ $ Requirement 2: Prepare the company's production budget for the upcoming fiscal year. (Input all amounts as positive values.) Jessi Corporation Production Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Budgeted unit sales Add desired ending inventory Total units needed Less beginning inventory Required production