Please do not give solution in image format thanku The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are onaccount):1st Quarter 2nd Quarter 3rd Quarter 4th Quarter11, 20012,20013,20014,200Budgeted unit salesThe selling price of the company's product is $11 per unit. Management expects to collect 65% of sales in the quarter in which thesales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accountsreceivable, 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 finishedgoods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory forthe fourth quarter is 1,880 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.Required 1 Required 2 Required 3Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole.Required production in units1st Quarter 2nd Quarter 3rd Quarter 4th QuarterYear The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are onaccount):Budgeted unit salesThe selling price of the company's product is $11 per unit. Management expects to collect 65% of sales in the quarter in which thesales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accountsreceivable, all of which is expected to be collected in the first quarter, is $70,600.1st Quarter 2nd Quarter 3rd Quarter 4th Quarter11,20012,20013,20014,200The company expects to start the first quarter with 1,680 units in finished goods inventory. Management desires an ending finishedgoods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory forthe fourth quarter is 1,880 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.Required 1 Required 2Total cash collectionsRequired 3Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole.1st Quarter 2nd Quarter3rd Quarter4th QuarterYear

Cash collection policy of company = ( 65% of Credit sales on accounted are collected in the Qtr of…

account): ting depan the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 11,200 12,200 14,200 13,200 Budgeted unit sales 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. 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. Required 1 Required 2 Required 3 ming Required production in units Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q