The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year 1st 2nd Quarter 8,600 Quarter 10,600 Srd Quarter 12,600 4th Quarter Budgeted sales (units) 11,600 The selling 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 beginning balance of accounts receivable, all of which are expected to be collected in the first quarter. is $86,500. The company expects to start the first quarter with 2,300 units in finished goods ipventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales The desired ending finished goods inventory for the fourth quarter is 2,550 units. Required: 1. Prepare the company's sales budget. JESSI CORPORATION Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total sales 223,600 S 275.600S 327,600s 301,600$ 1.120.400 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 12,600 Budgeted sales (units) Add: Desired ending inventory 8,600 10,600 11,600 43,400 2.550 Total units needed Deduct Beginning inventory Required production