0.5 points eBookPrintReferencesCheck my workCheck My Work button is now enabledItem 8 Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the companys accountant to prepare next years budget. Ms. Jasper estimates that sales will increase 5 percent for peaches and 10 percent for oranges. The current years sales revenue data follow: First Quarter Second Quarter Third Quarter Fourth Quarter Total Peaches $ 80,000 $ 100,000 $ 160,000 $ 140,000 $ 480,000 Oranges 200,000 225,000 285,000 190,000 900,000 Total $ 280,000 $ 325,000 $ 445,000 $ 330,000 $ 1,380,000 Based on the companys past experience, cost of goods sold is usually 60 percent of sales revenue. Company policy is to keep 10 percent of the next periods estimated cost of goods sold as the current periods ending inventory. (Hint: Use the cost of goods sold for the first quarter to determine the beginning inventory for the first quarter.) Required Prepare the companys sales budget for the next year for each quarter by individual product. If the selling and administrative expenses are estimated to be $350,000, prepare the companys budgeted annual income statement. Ms. Jasper estimates next years ending inventory will be $10,000 for peaches and $20,000 for oranges. Prepare the companys inventory purchases budgets for the next year, showing quarterly figures by product.