Please this is how the question is set up, thanks.
3 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: First Quarter $221,000 414,000 $635,000 Peaches Oranges Total Second Quarter $241,000 464,000 $705,000 Third Quarter $301,000 584,000 $885,000 Fourth Quarter $241,000 394,000 $635,000 -ints Total $1,004,000 1,856,000 $2,860,000 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 $640,000, prepare the company's budgeted annual income statement. c. Ms.Jasper estimates next year's ending inventory will be $35,800 for peaches and $56,200 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 $ 0 $ 0 Oranges Total $ 0 $ 0 $ 0 $ 0 $ 0 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 $640,000, prepare the company's budgeted annual income statement. JASPER FRUITS CORPORATION Budgeted Annual Income Statement 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 $35,800 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 $56,200 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 0 Required purchases $ 0 $ 0 $ 0 $ 0
