value: 10.00 points The marketing department of Jessi Corporation has submitted

Question

value: 10.00 points 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 Quarter 3rd Quarter 4th Quarter Budgeted unit sales 11,300 12,300 14,300 13,300 The selling price of the company's product is S12 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 $70,800 The company expects to start the first quarter with 1,695 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 1,895 units Required 1-a. Complete the company's sales budget Jessi Corporation Sales Budget 2nd Quarter 1st Quarter 3rd Quarter 4th Quarter Year Budgeted units sales Selling price per unit Total sales

Explanation / Answer

Answer:-1 a)-

1b)-

2)-

Jessi Corporation Calculation of estimated sales for each quarter & year as a whole Particulars 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Whole Year Budgeted unit sales (a) 11300 12300 14300 13300 51200 Selling price per unit (b) $12 per unit $12 per unit $12 per unit $12 per unit Estimated sales $ (c=a*b) 135600 147600 171600 159600 614400

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