someoneeeeeeeee pleaseeeeeeeee help solve this i have 10 minutes left. The marketing department of...
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someoneeeeeeeee pleaseeeeeeeee help solve this i have 10 minutes left.
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Budgeted sales (units)
9,300
11,300
13,300
12,300
The selling price of the companys product is $33 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% 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 $93,500.
The company expects to start the first quarter with 2,650 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarters budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,900 units.
Required:
1-a. Prepare the company's sales budget
Prepare the schedule of expected cash collections.
2. Prepare the company's production budget for the upcoming fiscal year.
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