Jessi corporation estimated collections and required production

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Jessi corporation estimated collections and required production

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 1st Quarter 11700 2nd Quarter 12700 3rd Quarter 14700 4th Quarter 13700 The selling price of the company’s product is $16 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% 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 $71,600. The company expects to start the first quarter with 1,755 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 1,955 units. Required: 1 Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole. quarter 1-4 and year? 2 Calculate the required production in units of finished goods for each quarter of the fiscal year and for the year as a whole quarter 1-4 and year?

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