Matoika Manufacturing's sales department has submitted the following sales budget for the upcoming fiscal year. 1st 2nd 3rd 4th Quarter 8,900 Quarter 1e,900 Quarter 12,900 Quarter 11,900 Budgeted sales (units) The selling price of the company's product is $29 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made and 30% 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 $89,500. The company expects to start the first quarter with 2,450 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 2,700 units. Required: 1-a. Prepare the company's sales budget.

Matoika Manufacturing's sales department has submitted the following sales budget for the upcoming fiscal year. 1st 2nd 3rd 4th Quarter 8,900 Quarter 1e,900 Quarter 12,900 Quarter 11,900 Budgeted sales (units) The selling price of the company's product is $29 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made and 30% 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 $89,500. The company expects to start the first quarter with 2,450 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 2,700 units. Required: 1-a. Prepare the company's sales budget.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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