Connect Chapter 8 Graded Exercises Help Save & Exit Submit Check my work 5 The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fisca year (all sales are on account): lllst Quarter 2nd Ouarter 3rd Quarter 4th QuarteE points Budgeted unit sales 11,600 12,600 14,600 13,600 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 eBook Print 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. 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. answers in the tabs below. Complete this question by entering your Required 1 Required 2 Required 3 Calculate the required production n onts of nished poos for ach guarter o the fisal year and for the year as a whole sPrev at Next> Hill