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Calculate the required production in units of finished goods

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Reference no: EM132576644

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                 11,400                  12,400                        14,400                                13,400

The selling price of the company's product is $13 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 $71,000.

The company expects to start the first quarter with 1,710 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 1,910 units.

Required:

Question 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole.

Question 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole.

Question 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole.

Reference no: EM132576644

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