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 6 percent for peaches and 11 percent for oranges. The current year's sales revenue data follow. 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. Required: Prepare the company's sales budget for the next year for each quarter by individual product. If the selling and administrative expenses are estimated to be $680,000. prepare the company's budgeted annual income statement