The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales (units) 9,300 11,300 13,300 12,300 The selling price of the company’s product is $33 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% in the following quarter; 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $93,500. The company expects to start the first quarter with 2,650 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 2,900 units. Required: 1-a. Prepare the company's sales budget. 1-b. Prepare the schedule of expected cash collections. 2. Prepare the company's production budget for the upcoming fiscal year.

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account):

The selling price of the company’s product is $26 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 $73,600.

The company expects to start the first quarter with 2,540 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter’s budgeted sales. The desired ending finished goods inventory for the fourth quarter is 2,740 units.

Required:

1-a. Compute the company’s total sales.

1-b. Complete the schedule of expected cash collections.

2. Prepare the company’s production budget for the upcoming fiscal year.

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year:

The selling price of the company’s product is $39 per unit. Management expects to collect 55% of sales in the quarter in which the sales are made and 40% in the following quarter; 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which are expected to be collected in the first quarter, is $99,500.

The company expects to start the first quarter with 2,950 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 3,200 units.

Required:

1-a. Prepare the company's sales budget.

1-b. Prepare the schedule of expected cash collections.

2. Prepare the company's production budget for the upcoming fiscal year.

Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton’s policy is to maintain an ending inventory balance equal to 15 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $84,000

Required

1. Complete the inventory purchases budget by filling in the missing amounts.

2. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.

3. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.

Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.

The marketing department of Jessi Corporation has submitted the follwing sales forecast for the upcoming fiscal year (All Sales are on account):

Budgeted unit sales..................... 1st quarter :11,000    2nd Quarter 12,000 3rd quarter 14,000    4th quarter 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% o sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be colleted 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 invenory 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.

1. Calculate the estimated sales of each quarter of the fiscal year and for the year as a whole. (HINT REFER TO SCHEDULE for guidance)

2. Calculate the expeted cash collections for each quarter of the fiscal year and for the year as a whole (HINT: refer to schedule 1 for guidance)

3. Calculate required production in units of finished goods for each quarter of the fiscal year and for the year as a while (HINT refer to schedule 2 for guidance)

The following statistics is provided by Statistics department for 2017. All figures are in million cedis

Expenditure Amount ($Million)

Durable goods 850

Non durable goods 2,000

Service 4,500

Non-residential Investment 1,200

Residential Investment 500

Change in business inventories 30

Government expenditure 1920

Export 1050

Import 1,450

Required:

(a) Calculate the GDP of the Country using expenditure approach

(b) Discuss the three advantages and disadvantages of the method used in (a) above

(c) Explain five (5) importance of National Income Statistics