Check my work 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 4 percent for peaches and 9 percent for oranges. The current year's sales Tevenue data follow. Peaches Oranges Total First Quarter $235,000 407,600 $642,000 Second Quarter $255,000 457.000 $712,000 Third Quarter $315,000 577,000 $892,000 Fourth Quarter $255.000 387 000 5642,000 Total $1,060,000 1,828,000 $2,888,000 Based on the company's past experience, cost of goods sold is usually 65 percent of sales revenue Company policy is to keep 20 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 $640,000, prepare the company's budgeted annual income statement c. Ms. Jasper estimates next year's ending Inventory will be $35.400 for peaches and $57,800 for oranges. Prepare the company's Inventory purchases budgets for the next year, showing quarterly figures by product. in the tabs below