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Unformatted text preview: Master Budget Exercises Complete the following three exercises and submit to your instructor. Be sure to show your work for calculations to earn full credit. Sales and Production Budgets (8-12): 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 Units to be produced 12,000 14,000 13,000 11,000 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 $70,200....
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- Spring '11