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 The selina price of the company's product is $26 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 beginnung balance of accounts receivable, all of which are expected to be collected in the first quarter, is $86.500 The company expects to start the first quarter with 2,300 units in finished goods inventory Manogement desires an ending finished goods iriventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quartec is 2550 units. Required: 1. Prepare the companys sales booget 2. Prepare the company's production bucget for the upcoming fiscal year