31 Jul 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
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