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Prepare the schedule of expected cash collections

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Reference no: EM132546083

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year:

                                        1st Quarter                2nd Quarter            3rd Quarter               4th Quarter

Budgeted sales (units)       8,900                    10,900                    12,900                      11,900

  • The selling price of the company's product is $29 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 are expected to be collected in the first quarter, is $89,500.
  • The company expects to start the first quarter with 2,450 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 2,700 units.

Question 1: Prepare the schedule of expected cash collections.

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

Reference no: EM132546083

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