Chapter 14 Homework G Saved Help Save & Exit Submit Check my work 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 7 percent for peaches and 12 percent for oranges. The current year's sales revenue data follow: 20 points Fourth Quarter Quarter Quarter Quarter First Second Third Total Peaches Oranges Total $231,000 251,000 $311,000 $251,000 $1,044,000 586,000 $647,000 $717,000 $897,000 $647,000 $2,908,000 416,000 466,000 396,000 1,864,000 04:06:47 eBook Print References 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 $670,000, prepare the company's budgeted annual income statement. c. Ms.Jasper estimates next year's ending inventory will be $35,900 for peaches and $56,600 for oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures by product