Acct301 week2

Week 2: Qu: 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. First Second Third Fourth Quarter Quarter Quarter Quarter Total 5 Peaches $231,080 $251,603 $311, 808 $251,080 $1,844, Gee Dint oranges 418,630 468,063 583, 030 308, 080 1,872,080 Total $649,ace $719,603 $640,080 $2,916, 060 Based on the company's past experience, cost of goods sold Is usually 60 percent of sales revenue. Company policy Is to keep 10 percent of the next perlod'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 B. 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 $610,000, prepare the company's budgeted annual Income statement c. Me Jasper estimates next year's ending Inventory will be $35,800 for peaches and $57,600 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 If the selling and administrative expenses are estimated to be $610,000, prepare the company's budgeted annual Income statement. JASPER FRUITS CORPORATION Budgeted Anmust Income fistoma