Acct301 week2

Week 2. Quiz 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, 808 $251, 808 $311,060 $251,600 $1, 844, ese points Oranges 418, 600 468,000 588, 090 398, 060 1, 872, 080 Total $649, 090 $719,800 $899, 609 $649,060 $2,916, 608 Skipped 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 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 $610,000, prepare the company's budgeted annual Income statement C. Ms.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 CZ Ms. Jasper estimates next year's ending inventory will be $35,800 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|Third Quarter Fourth Quarter Inventory needed 0 0 0 Required purchases O S 0 5 0 S