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Question - 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)
8,400
10,400
12,400
11,400
The selling price of the company's product is $24 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% 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 $84,500.
The company expects to start the first quarter with 2,200 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 2,450 units.
Required -
1-a. Prepare the company's sales budget.
1-b. Prepare the schedule of expected cash collections.
2. Prepare the company's production budget for the upcoming fiscal year.
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