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Google Password Required Enter your password for "galind n Insernet Accounts htmi aM 4 (FINAL)-CH8. 9, 10 Help Save& Exit Subm 26 The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Budgeted unit sales 11.100 12.200 4,100 13100 The selling price of the company's product is $10 per unit Management expects to collect 75% of sales in the quarter in which the sales are made, 20% 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 $70,400. 02-52:08 The company expects to start the first quarter with 1,665 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 f ished goods inventory for the fourth quarter is 1,865 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. Complete this question by entering your answers in the tabs below. Reauired 1 Reauired 2 Reauired 3

Explanation / Answer

Answer 1. Sales Budget Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Sales in Units                11,100                12,100                 14,100                 13,100                50,400 SP Per Unit                  10.00                   10.00                   10.00                   10.00                   10.00 Total Sales in $        111,000.00        121,000.00        141,000.00        131,000.00        504,000.00 Answer b Schedule of Expected Cash Collections from Sales Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Accounts Receivables, Beginning          70,400.00          70,400.00 Qtr 1 Sales          83,250.00          22,200.00                          -                            -          105,450.00 Qtr 2 Sales                         -            90,750.00           24,200.00                          -          114,950.00 Qtr 3 Sales                         -                            -          105,750.00           28,200.00        133,950.00 Qtr 4 Sales                          -                            -             98,250.00          98,250.00 Total cash Collections        153,650.00        112,950.00        129,950.00        126,450.00        523,000.00 Answer c Production Budget Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Sales In units          11,100.00          12,100.00           14,100.00           13,100.00          50,400.00 Add: Closing Inventory in units -15%            1,815.00             2,115.00             1,965.00             1,865.00             1,865.00 Total Needs          12,915.00          14,215.00           16,065.00           14,965.00          52,265.00 Less: opening Inventory in units          (1,665.00)          (1,815.00)           (2,115.00)           (1,965.00)          (1,665.00) Required Production in Units          11,250.00          12,400.00           13,950.00           13,000.00          50,600.00

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