just need help on Required C1-2
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 $ 235,000 405,000 $640,000 Second Quarter $ 255,000 455,000 $710,000 Third Quarter $315,000 575,000 $890,000 Fourth Quarter $ 255,000 385,000 $640,000 Total $1,060,000 1, B20,000 $2,880,000 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 $610,000, prepare the company's budgeted annual incom c. Ms. Jasper estimates next year's ending inventory will be $34,100 for peaches and $56,700 for oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures by product. statement c. Ms. Jasper estimates next year's ending inventory will be $34,100 for peaches and $56,700 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 Ms. Jasper estimates next year's ending inveptory will be $34,100 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.) Second Fourth First Quarter Third Quarter Quarter Quarter Sales $ 244,400 $ 265,200 $ 327,600 $ 265,200 Cost of goods sold $ 158,860 $ 172,380 $ 212,940 $ 172,380 Plus: Desired ending inventory 34,100 Inventory needed 158,860 172,380 212,940 206,480 Less: Beginning inventory Required purchases $ 158,860 $ 172,380 $ 212,940 $ 206,480 c. Ms. Jasper estimates next year's ending inventory will be $34,100 for peaches and $56,700 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 Ms. Jasper estimates next year's ending inventory will be $56,700 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.) Sales Cost of goods sold Plus: Desired ending inventory Inventory needed Loss: Beginning inventory Required purchases First Quarter Second Third Quarter Fourth Quarter Quarter $ 441,450 $ 495,950 $ 626,750 $ 419.650 $ 286,943 $ 322,368 $ 407,388 $ 272,773 56,700 286.943 322,368 407,388 329,473 $ 286,943 $ 322,368 $ 407,388 $ 329,473
