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sold by 2 Believes ly percent. What else can the company do to reach its goal? Prepare a that an improved production procedure does e statement illustrating your proposal The company decides to escalate its ll increase selling and administrative expenses to $230,000. With the increased advertising advertising campaign to boost consumer recognition, Wi ny expects sales revenue to increase by 15 percent. Assume that cost of goods sold remains onstant proportion of sales. Can the company reach its goal? com Problem 14-22 Preparing budgets with muliple products lasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with pany's accountant to prepare next year's budget. Ms. Jasper estimates that sales will increase 5 percent for peaches and 10 percent for oranges. The current year's sales revenue data follow CHI First Quarter Second QuarterThird Quarter Fourth Quarter Total Peaches Oranges Total 80,000 200,000 $280,000 $100,000 225,000 $325,000 $160,000 285,000 $445,000 $140,000 190,000 $ 480,000 900,000 $1,380,000 $0,000 $1.380,000 Based on the company's past experience, cost of goods sold is usually 60 percent of sales re nue. Company policy is to keep 10 percent of the next period's estimated cost of goods sold as the current period's ending nvertory (int: Use the cost of goods sold for the first quarter to determine he beginning inventory fer st quarter.) Required a. Prepare the company's sales budget for the next year for each quarter by individual product. b. If the selling and administrative expenses are estimated to be $350,000, prepare the company budgeted annual income statement. Ms. Jasper estimates next year's ending inventory will be $10,000 for peaches and $20,000 for c. oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures by product. Preparing a master budget for retail company with no beginning account balances Problem 14-23 Camden Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget co- ordinator, you have been assigned the following tasks. Required the nearest whole dollar