please help me with this question. The marketing department of Jessi Corporation has submitted...
70.2K
Verified Solution
Link Copied!
Question
Accounting
image
please help me with this question.
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: 3 Budgeted sales (units) 1st Quarter 9,609 2nd Quarter 11,600 3rd Quarter 13,600 4th Quarter 12,600 pints The selling price of the company's product is $36 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 $96,500. Print The company expects to start the first quarter with 2,800 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 3,050 units. Required: 1-a. Prepare the company's sales budget. JESSI CORPORATION Sales Budget 2nd Quarter 3rd Quarter 1st Quarter 4th Quarter Year Total sales W 1-b. Prepare the schedule of expected cash collections. JESSI CORPORATION Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Accounts receivable, beginning balance 1st Quarter sales 2nd Quarter sales 3rd Quarter sales 4th Quarter sales Total cash collections 2. Prepare the company's production budget for the upcoming fiscal year. JESSI CORPORATION Production Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total units needed
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!