- Served 7 Lab Due November 14th 11 45 Pm The Marketing Department Of Jessi Corporation Has Submitted The Following Sales 1 (46.63 KiB) Viewed 90 times
- Served 7 Lab Due November 14th 11 45 Pm The Marketing Department Of Jessi Corporation Has Submitted The Following Sales 2 (56.13 KiB) Viewed 90 times
Served 7 Lab Due November 14th 11:45 pm The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: Ist Quarter 8,100 2nd Quarter 10,100 3rd Quarter 12,100 4th Quarter 11,100 Budgeted sales (units) The selling price of the
company's product is $21 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% 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 $81,500. The
company expects to start the first quarter with 2,050 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 2,300 units. Required: 1-a. Prepare the
company's sales budget. 1 nces JESSI CORPORATION Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 170,100 3 212,100 $ 254,100 $ 233,100 Year Total sales
1-b. Prepare the schedule of expected cash collections. JESSI CORPORATION Schedule of Expected Cash Collections 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Accounts receivable, beginning balance 1st Quarter sales 2nd Quarter sales 3rd Quarter sales 4th Quarter sales Total cash collections 0 $ 0 $ 0 $ 0 $ 0 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 Budgeted sales (units) Add Desired ending inventory Total units needed Deduct: Beginning inventory Required production