The marketing department of Jessi Corporation submitted the following sales forecast for next year (all sales are on account): The selling price of the company's product is $19 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made and 30% in the following quarter; 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 $72,200. The company expects to start the first quarter with 2,400 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 2,600 units. Required: 1. Calculate the estimated sales for each quarter and for the year as a whole. 2. Calculate the expected cash collections for each quarter and for the year as a whole. 3. Calculate the required production in units of finished goods for each quarter and for the year as a whole. Calculate the estimated sales for each quarter and for the year as a whole. Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for each quarter and for the year as a whole. Complete this question by entering your answers in the tabs below. Calculate the required production in units of finished goods for each quarter and for the year as a whole. The marketing department of Jessi Corporation submitted the following sales forecast for next year (all sales are on account): The selling price of the company's product is $19 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made and 30% in the following quarter; 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 $72,200. The company expects to start the first quarter with 2,400 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 2,600 units. Required: 1. Calculate the estimated sales for each quarter and for the year as a whole. 2. Calculate the expected cash collections for each quarter and for the year as a whole. 3. Calculate the required production in units of finished goods for each quarter and for the year as a whole. Calculate the estimated sales for each quarter and for the year as a whole. Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for each quarter and for the year as a whole. Complete this question by entering your answers in the tabs below. Calculate the required production in units of finished goods for each quarter and for the year as a whole
