The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) 1st Quarter 12,200 2nd Quarter 13,200 3rd Quarter 15,200 4th Quarter 14,200 Budgeted unit sales The selling price of the company's product is $21 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 $72,600. The company expects to start the first quarter with 2,440 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 2,640 units Required: 1-a. Complete the company's sales budget Jessi Corporation Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Budgeted units sales 12200 13,2007 15200 14,200 54.800 Selling price per units 21 S 21 S 21 S 21 S 21 Total sales $ 256,200 $ 277 200 $ 319.200 $ 2982005 1.150.800 1-b. Complete the schedule of expected cash collections. Year Beginning accounts receivable 1st Quarter sales 2nd Quarter sales 3rd Quarter sales 4th Quarter sales Total cash collections Jessi Corporation Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 5 72,600 76,860 180, 180 83,160 207,480 95,760 193,830 5 72,600 $ 257,040 5 290,640 S 289,590 $ 72,600 76,860 263,340 303,240 193,830 909,870 2. Prepare the company's production budget for the upcoming fiscal year Budgeted unit sales Jessi Corporation Production Budget 1st Quarter 2nd Quarter 3rd Quarter 12.2001 13.200 15.200 26401 3.040 2.8401 14.840 16 240 18.040 2.4402.640 3.040 12.400 13.600 15.000 Total needs 4th Quarter 14.2001 2.460 16.660 2.840 13.820 Year 54.800 11.160 65.960 10.960 55.000 Required production in units