6 points 1 Exercise 7-2 Preparing Sales and Production Budgets (LO2 - CC5, 6) - EDITED The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: Budgeted sales (units) Quarter 9,200 2nd Quarter 11,200 3rd Quarter 13,200 4th Quacter 12,200 ebook Print References The selling price of the company's product is $32 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 $92,500, The company expects to start the first quarter with 2,600 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 2.850 units Required: 1. Prepare the company's sales budget. JESSI CORPORATION Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales 6 L07 Budget Assignment points Sales Budget 1st Quarter 2nd Quarter 1 Total sales Sed Jel Quarter 4th Quarter Year eBook Prin References 2. Prepare the company's production budget for the upcoming fiscal year JESSI CORPORATION Production Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total units needed Help Save & Exit Submit