The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are onaccount):1st Quarter11, 6002nd Quarter12,6003rd Quarter14, 6004th Quarter13, 600Budgeted unit salesThe selling price of the company's product is $15 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 $71,400.The company expects to start the first quarter with 1,740 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 1,940 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 whóle.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Calculate 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 Quarter4th QuarterYearRequired production in units

Sales budget: sales budget is a budget prepared by the company to estimate the expected sales of the…

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.

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.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter8: Budgeting For Planning And Control

Section: Chapter Questions

Problem 34E: A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and...

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The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 11, 600 2nd Quarter 12,600 3rd Quarter 14,600 4th Quarter 13, 600 Budgeted unit sales The selling price of the company's product is $15 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 $71,400. The company expects to start the first quarter with 1,740 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 1,940 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 2.…
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 11, 600 3rd Quarter 14, 600 4th Quarter 13, 600 Budgeted unit sales 12, 600 The selling price of the company's product is $15 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 $71,400. The company expects to start the first quarter with 1,740 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 1,940 units. Required: 1. Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole.…
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 QuarterBudgeted unit sales ............................ 11,000 12,000 14,000 13,000The selling price of the company’s product is $18.00 per unit. Management expects to collect 65% of salesin the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to beuncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in thefi rst quarter, is $70,200.The company expects to start the first quarter with 1,650 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 1,850 units.Required:1. Prepare the company’s sales budget and schedule of expected cash…
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The marketing department of Jessi Corporation submitted the following sales forecast for next year (all sales are on account): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 12,900 13,900 15,900 14,900 Budgeted unit sales The selling price of the company's product is $28 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made and 20% in the following quarter; 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 $74,000. The company expects to start the first quarter with 2,580 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 2,780 units. Required: 1. alculate the estimated sales for each quarter and for the year as a whole. 2. Calculate the expected cash collections…