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Hello- if you could help with the attached, I would really appreciate it! 4. 5. 7. Mulligan Fruits Corporation wholesales peaches and oranges. Kimberly Priest
Hello- if you could help with the attached, I would really appreciate it!
4. 5. 7. Mulligan Fruits Corporation wholesales peaches and oranges. Kimberly Priest is working with the company's accountant to prepare next year's budget. Ms. Priest estimates that sales will increase 5 percent for peaches and 10 percent for oranges. The current year's sales revenue data follow. First Quarter P ea ch es O ran ge s T ota l $ 226,0 00 Second Quarter $ 417,0 00 $ 643,0 00 246,0 00 Third Quarter $ 467,0 00 $ 713,0 00 306,0 00 Fourth Quarter $ 587,0 00 $ 893,0 00 246,0 00 Total $ 397,0 00 $ 643,0 00 1,024 ,000 1,868 ,000 $ 2,892 ,000 Based on the company's past experience, cost of goods sold is usually 70 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.) 8Step by Step Solution
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