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Prepare the company production budget

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Reference no: EM132934777

EXERCISE - Sales and Production Budgets - 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 11,000 12,000 14,000 13,000

The selling price of the company's product is $18.00 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 ex- pected to be collected in the first quarter, is $70,200.

The company expects to start the first quarter with 1,650 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 1,850 units.

Required -

1. Prepare the company's sales budget and schedule of expected cash collections.

2. Prepare the company's production budget for the upcoming fiscal year.

Reference no: EM132934777

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