Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the companys accountant to prepare next years budget. Ms. Jasper estimates that sales will increase 6 percent for peaches and 11 percent for oranges. The current years sales revenue data follow:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Peaches	$	224,000		$	244,000		$	304,000		$	244,000		$	1,016,000
Oranges		401,000			451,000			571,000			381,000			1,804,000
Total	$	625,000		$	695,000		$	875,000		$	625,000		$	2,820,000

Based on the companys past experience, cost of goods sold is usually 60 percent of sales revenue. Company policy is to keep 10 percent of the next periods estimated cost of goods sold as the current periods ending inventory. (Hint: Use the cost of goods sold for the first quarter to determine the beginning inventory for the first quarter.)

Required

1. Prepare the companys sales budget for the next year for each quarter by individual product.

2. If the selling and administrative expenses are estimated to be $630,000, prepare the companys budgeted annual income statement.

3. Ms.Jasper estimates next years ending inventory will be $35,600 for peaches and $57,800 for oranges. Prepare the companys inventory purchases budgets for the next year, showing quarterly figures by product.

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 6 percent for peaches and 11 percent for oranges. The current year's sales revenue data follow: Peaches Oranges Total First Quarter $ 224,000 401,000 $625,000 Second Quarter $244,000 451,000 $695,000 Third Quarter $304,000 571,000 $875,000 Fourth Quarter $ 244,000 381,000 $625,000 Total $1,016,000 1,804,000 $ 2,820,000 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 $630,000, prepare the company's budgeted annual income statement. c. Ms.Jasper estimates next year's ending inventory will be $35,600 for peaches and $57,800 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 ci Required C2 Prepare the company's sales budget for the next year for each quarter by individual product. First Quarter Second Quarter Third Quarter Fourth Quarter Total Peaches Oranges Total 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 $630,000, prepare the company's budgeted annual income statement. JASPER FRUITS CORPORATION Budgeted Annual Income Statement Complete this question by entering your answers in the tabs below. Required A Required B Required c1 Required C2 Ms. Jasper estimates next year's ending inventory will be $35,600 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 0 Required purchases $ 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Ms. Jasper estimates next year's ending inventory will be $57,800 for oranges. 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 $ $ 0 $ 0 $ 0 $ 0