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QUESTION \#3 08-02 Prepare a sales budget, including a schedule of expected cash collections. 08-03 Prepare a production budget. The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): The selling price of the company's product is $11 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 $70,600. The company expects to start the first quarter with 1,680 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 1,880 units. Requirement \#1) 08-02 Prepare a sales budget, including a schedule of expected cash collections. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. Requirement \#2) 08-02 Prepare a sales budget, including a schedule of expected cash collections. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. Requirement \#3) 08-03 Prepare a production budget. Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year ac a whole

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