Your response Correct response

Question 13: Score 0/4

	Your response Correct response Exercise 9-12 Sales and Production Budgets [LO2, LO3] The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Budgeted unit sales 11,000 12,000 14,000 13,000 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 is expected to be collected in the first quarter, is $70,200. The company expects to start the first quarter with 1,650 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,850 units. Requirement 1: (a) Calculate the company's total sales. (Omit the "$" sign in your response.) 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Year Total sales $   1   (0%) $   1   (0%) $   1   (0%) $   1   (0%) $   1   (0%) Exercise 9-12 Sales and Production Budgets [LO2, LO3] The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Budgeted unit sales 11,000 12,000 14,000 13,000 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 is expected to be collected in the first quarter, is $70,200. The company expects to start the first quarter with 1,650 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter's budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,850 units. Requirement 1: (a) Calculate the company's total sales. (Omit the "$" sign in your response.) 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Year Total sales $ 198,000 $ 216,000 $ 252,000 $ 234,000 $ 900,000 Total grade: 0.0×1/5 + 0.0×1/5 + 0.0×1/5 + 0.0×1/5 + 0.0×1/5 = 0% + 0% + 0% + 0% + 0% Feedback: Jessi Corporation Sales Budget 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Year Budgeted unit sales 11,000 12,000 14,000 13,000 50,000 Selling price per unit × $18.00 × $18.00 × $18.00 × $18.00 × $18.00 Total sales $ 198,000 $ 216,000 $ 252,000 $ 234,000 $ 900,000
	Your response Correct response (b) Prepare the schedule of expected cash collections. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Jessi Corporation Schedule of Expected Cash Collections 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Year Accounts receivable, beginning balance $   1   (0%) $   1   (0%) $   1   (0%) $   1   (0%) $   1   (0%) 1^st Quarter sales   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) 2^nd Quarter sales   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) 3^rd Quarter sales   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) 4^th Quarter sales   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) Total cash collections $   1   (0%) $   1   (0%) $   1   (0%) $   1   (0%) $   1   (0%) (b) Prepare the schedule of expected cash collections. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Jessi Corporation Schedule of Expected Cash Collections 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Year Accounts receivable, beginning balance $ 70,200 $ 0 $ 0 $ 0 $ 70,200 1^st Quarter sales 128,700 59,400 0 0 188,100 2^nd Quarter sales 0 140,400 64,800 0 205,200 3^rd Quarter sales 0 0 163,800 75,600 239,400 4^th Quarter sales 0 0 0 152,100 152,100 Total cash collections $ 198,900 $ 199,800 $ 228,600 $ 227,700 $ 855,000 Total grade: 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 + 0.0×1/30 = 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0% + 0%
	Your response Correct response Requirement 2: Prepare the company's production budget for the upcoming fiscal year. (Input all amounts as positive values.) Jessi Corporation Production Budget 1^st Quarter 2^nd Quarter 3^rd Quarter 4^th Quarter Year Budgeted unit sales   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) Add desired ending inventory   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) Total units needed   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) Less beginning inventory   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%) Required production   1   (0%)   1   (0%)   1   (0%)   1   (0%)   1   (0%)