The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all seles are on account: Budgeted unit sales 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, al of which is expected to be collected in the first quarter, is $71,400. 1st Quarter 2nd Quarter 11,600 12,600 The company expects to start the first quarter with 1,740 units in finished goods inventory Management closires 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. Complete this question by entering your answers in the tabs below. Total sales Required 1 Required 2 Required 3 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 3rd Quarter 4th Quarter 14,600 13,600 Required 1 Required 2 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. Total cash collections Complete this question by entering your answers in the tabs below. Required 31 Year calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Required 1 Required production in units Required 2 > 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. Required 2 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter Required 3> Year
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all seles are on account: Budgeted unit sales 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, al of which is expected to be collected in the first quarter, is $71,400. 1st Quarter 2nd Quarter 11,600 12,600 The company expects to start the first quarter with 1,740 units in finished goods inventory Management closires 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. Complete this question by entering your answers in the tabs below. Total sales Required 1 Required 2 Required 3 Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 3rd Quarter 4th Quarter 14,600 13,600 Required 1 Required 2 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. Total cash collections Complete this question by entering your answers in the tabs below. Required 31 Year calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Required 1 Required production in units Required 2 > 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. Required 2 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole. 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter Required 3> Year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on
account:
Budgeted unit sales
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
1st Quarter 2nd Quarter
11,600
12,600
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.
Complete this question by entering your answers in the tabs below.
Total sales
Required 1 Required 2 Required: 3
Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole.
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
3rd Quarter 4th Quarter
14,600
13,500
Required 1
Total cash collections
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.
Complete this question by entering your answers in the tabs below.
Year
Required 1 Required 2
Required 3
Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole.
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Year
Required 1
Required production in units
Required 2 >
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.
< Required 2
Required 3 >
complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole.
1st Quarter
2nd Quarter 3rd Quarter 4th Quarter
Year
Required >
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