graber corporation accounting 447037

The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year.

The selling price of the company%u2019s product is $26.00 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 $64,000.

The company expects to start the first quarter with 1,800 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 10% of the next quarter%u2019s budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,000 units.

Compute the company%u2019s total sales.

Complete the schedule of expected cash collections. (Do not round intermediate calculations. Leave no cells blank be certain to enter “0” wherever required.)

Prepare the company%u2019s production budget for the upcoming fiscal year. (Input all amounts as positive values. Do not round intermediate calculations.)