The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal...
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The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: Budgeted sales (units) 1st Quarter 9,900 Required: 1-a. Prepare the company's sales budget. Total sales The selling price of the company's product is $39 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 $99,500. 1st Quarter $ 2nd Quarter 11,900 The company expects to start the first quarter with 2,950 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 3,200 units. 386,100 3rd Quarter 13,900 4th Quarter 12,900 JESSI CORPORATION Sales Budget 2nd Quarter 3rd Quarter 4th Quarter $ 464,100 $ 542,100 $ 503,100 $ Year 1,895,400 The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: Budgeted sales (units) 1st Quarter 9,900 Required: 1-a. Prepare the company's sales budget. Total sales The selling price of the company's product is $39 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 $99,500. 1st Quarter $ 2nd Quarter 11,900 The company expects to start the first quarter with 2,950 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 3,200 units. 386,100 3rd Quarter 13,900 4th Quarter 12,900 JESSI CORPORATION Sales Budget 2nd Quarter 3rd Quarter 4th Quarter $ 464,100 $ 542,100 $ 503,100 $ Year 1,895,400
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Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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