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 revenue data follow Peaches Oranges Total First Quarter $340,000 400,000 68,000 second Quarter $260.00 458.000 $18,000 Third Quarter $120.000 578,00 $898.00 fourth Quarter. 250.00 33,000 .00 Total $1.00, 1,012.00 $2,912.00 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 5680.000 prepare the company's budgeted annual income statement c. Ms Jasper estimates next year's ending inventory will be $34.200 for peaches and $57400 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 C1 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 Orange Required B > 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 $680,000, prepar statement. JASPER FRUITS CORPORATION Budgeted Annual Income Statement Cost of goods sold Rent expenses Sales revenue Selling & administrative expenses Peaches Oranges Total First Quarter $240,000 408,000 $648,000 Second Quarter $260,000 458,000 $718,000 Third Quarter $320,000 578,000 $898.000 Fourth Quarter $260,000 388,000 $648,000 Total $1,680,000 1,832,000 $2,912,000 Based on the company's past experience, cost of goods sold is usually 65 percent of sales revenue. Company policy is to k percent of the next period's estimated cost of goods sold as the current period's ending inventory. (Hint Use the cost of go 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 $680,000, prepare the company's budgeted annual incom statement c. Ms.Jasper estimates next year's ending inventory will be $34, 200 for peaches and $57,400 for oranges. Prepare the com 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 C1 Required C2 Ms. Jasper estimates next year's ending inventory will be $57,400 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 Required purchases
