XN Corp. has the following expected sales: January February Sales ($) $60,000 March $70,000 $65,000 $40,000...

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XN Corp. has the following expected sales: January February Sales ($) $60,000 March $70,000 $65,000 $40,000 April Each unit sells for $10. Sales are collected as follows (all sales are on account) 45% collected in the month of sale, 55% collected one month after sale. There was no outstanding accounts receivable at the start of January. Management requires that ending inventory be 20% of the following month's budgeted sales; inventory on hand at January 1 was 1,500 units. Required: a) Prepare a schedule of expected cash collections for the first quarter of the year. What is the account receivable balance as at March 31st? b) Prepare a production budget for the first quarter of the year. XN Corp. has the following expected sales: January February Sales ($) $60,000 March $70,000 $65,000 $40,000 April Each unit sells for $10. Sales are collected as follows (all sales are on account) 45% collected in the month of sale, 55% collected one month after sale. There was no outstanding accounts receivable at the start of January. Management requires that ending inventory be 20% of the following month's budgeted sales; inventory on hand at January 1 was 1,500 units. Required: a) Prepare a schedule of expected cash collections for the first quarter of the year. What is the account receivable balance as at March 31st? b) Prepare a production budget for the first quarter of the year.