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Hw8: answer requirements 1-3

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 Quartered Quarter 4th Quarter Budgeted unit sales 12,000 13,000 15,000 14,000 The selling price of the company's product is $19 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 $72,200 The company expects to start the first quarter with 2.400 units in finished goods inventory Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,600 units Required: 1 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2 Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole Budgeted unit sales 1st Quarter 12,000 2nd Quarter 13,000 3rd Quarter 15, eee 4th Quarter 14,000 e muutuqua 40 Required: 1 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole 2. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole 3. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. Te Gate 2nd Quarter 3rd Quarter 4th Quarter Year Total sales Required: Required 2 >

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