$814$ Sales and Production Budgets LO$82,$ LO$83$The marketing department of Jessi Corporation has submitted the following sales forecast for theupcoming fiscal year $($all sales are on account$)$:$1$st Quarter $2$nd Quarter $3$rd Quarter $4$th QuarterBudgeted unit sales $...............11,00012,00014,00013,000$The selling price of the companys product is $$18\mathrm{.}00$ per unit. Management expects to collect $65\%$of sales in the quarter in which the sales are made, $30\%$ in the following quarter, and $5\%$ of salesare expected to be uncollectible. The beginning balance of accounts receivable, all of which isexpected to be collected in the first quarter, is $$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 quar$-$ters budgeted sales. The desired ending finished goods inventory for the fourth quarter is $1,850$ units.Required:$1.$ Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole.$($Hint: Refer to Schedule $1$ for guidance.$)2.$ Calculate the expected cash collections for each quarter of the fiscal year and for the year as awhole. $($Hint: Refer to Schedule $1$ for guidance.$)3.$ Calculate the required production in units of finished goods for each quarter of the fiscal yearand for the year as a whole. $($Hint: Refer to Schedule $2$ for guidance.$)$