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Question - The sales department of X corporation, a manufacturer of chocolate boxes has submitted the following sales forecast for the upcoming final year (all sales are credit sales) Budgeted unit sakes: 1st quarter-12300. 2nd quarter-13300. 3rd quarter-15300. 4th quarter-14300.
The average selling price of box of chocolate is $22. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% 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 $72800.
The company expects to start the first quarter with 2460 boxes of chocolates in finished goods inventory in each quarter equal to 20% of the next quarter's budgeted number of chocolate boxes. The desired ending finished goods inventory for the fourth quarter is 2660 boxes of chocolates.
Required -
1. Calculate the estimated sales for the fourth quarter of the fiscal year?
2. Calculate the expected cash collection for fourth quarter of the fiscal year and for the year as a whole?
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