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Accounting

The Marketing department of Jesse Corporation has submitted the following sales forecast from the upcoming fiscal year. (All sales are on account).

Budgeted unit Sales:

1st quarter 11000
2nd quarter 12000
3rd quarter 14000
4th quarter 13000

The selling price of the company's product Is 18.00 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 expected to be collected in the 1st quarter is 70000. The company expects to start the 1st quarter with 1650 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarters budgeted sales. The desired ending finished goods inventory for the 4th quarter is 1850 units.

Prepare the companies sales budget and schedule of expected cash collections.

Prepare the companies production budget fro the upcoming fiscal year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M983234

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