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Compute the company total sales

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Reference no: EM132603697

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account):

Budgeted unit sales:

1st Quarter- 11,800

2nd Quarter- 12,800

3rd Quarter- 14,800

4th Quarter- 13,800

  • The selling price of the company's product is $17 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 $71,800.
  • The company expects to start the first quarter with 1,770 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 1,970 units.

Question 1: Compute the company's total sales.

Question 2: Complete the schedule of expected cash collections.

Question 3: Prepare the company's production budget for the upcoming fiscal year.

Reference no: EM132603697

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