3 Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the company's accountant to prepare next year's budget. Ms. Jasper estimates that sales will increase 3 percent for peaches and 8 percent for oranges. The current year's sales revenue data follow: 55/5 ints awarded Peaches Oranges Total First Quarter $222,000 418,000 $640,000 Second Quarter $242,000 468,000 $710,000 Third Quarter $302,000 588,000 $890,000 Fourth Quarter $242,000 398,000 $640,000 Total $1,008,000 1,872,000 $2,880,000 Scored Based on the company's past experience, cost of goods sold is usually 65 percent of sales revenue. Company policy is to keep 15 percent of the next period's estimated cost of goods sold as the current period's ending inventory. (Hint: Use the cost of goods sold for the first quarter to determine the beginning inventory for the first 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 $650,000, prepare the company's budgeted annual income statement. c. Ms.Jasper estimates next year's ending inventory will be $35,500 for peaches and $56,800 for oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures by product. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Prepare the company's sales budget for the next year for each quarter by individual product. First Quarter Total Third Quarter 311,060 Fourth Quarter 249,260 Peaches $ 228,660 $ $ Second Quarter 249,260 505,440 754,700 $ $ 451,440 429,840 $ Oranges Total 635,040 946, 100 1,038,240 2,021,760 3,060,000 $ 680,100 $ $ 679,100 $ Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Ms. Jasper estimates next year's ending inventory will be $35,500 for peaches. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures by product. (Round your final answers to nearest whole dollar.) First Quarter Second Quarter 249,260$ Fourth Quarter 249,260 Sales $ Third Quarter 311,060 $ 202,189 $ 228,660 $ 148,629 $ $ 162,019 $ 162,019 22,294 > 24,303 > 30,328 X 24,303 X Cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases 170,923 186,322 232,517 186,322 148,629 X 162,019 X 162,019 X 24,303 202, 189 X 30,328 $ 22,294 $ $ 24,303 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted