The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming...
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The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. Fourth Second Third Quarter Quarter First Quarter Quarter Budgeted unit sales 00 16,100 15,100 16,100 The selling price of the company's product is $32.00 per unit. Management expects to collect 80% of sales in the quarter in which the sales are made and 15% 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 $77,000. The company expects to start the first quarter with 4,300 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 4,500 units. Required: 1-a.Compute the company's total sales. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total Sales
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