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 12,600 13,600 15,600 14,600 The selling price of the company's product is $25 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 $73,400. The company expects to start the first quarter with 2,520 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 2,720 units. 1-b. Complete the schedule of expected cash collections. Jessi Corporation Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year $ 73,400 Beginning accounts receivable 1st Quarter sales $ 73,400 204,750 2nd Quarter sales 3rd Quarter sales 94,500 221,000 102,000 253,500 117,000 237,250 $ 315,500 $ 355,500 $ 354,250 299,250 323,000 370,500 237,250 1,303,400 4th Quarter sales Total cash collections $ 278,150