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 5 percent for peaches and 10 percent for oranges. The current year's sales revenue data follow: Second Quarter Third Quarter $226,000 $246,000 $306,000 $246,000 $1,024,000 575,000 $631,000 $701,000 881,000 $631,000 $2,844,000 First Quarter Fourth Quarter Total Peaches Oranges Total 405,000 455,000 385,000 1,820,000 Based on the company's past experience, cost of goods sold is usually 7O 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 $650,000, prepare the company's budgeted annual income statement. c. Ms.Jasper estimates next year's ending inventory will be $35,600 for peaches and $56,800 for oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures by product