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Problem 14-22A (Algo) Preparing budgets with multiple products LO 14-2, 14-3, 14-4, 14-6 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. Based on the company's past experience, cost of goods sold is usually 70 percent of sales revenue. Company policy is to keep 10 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 $660,000, prepare the company's budgeted annual income statement. c-1. Ms. Jasper estimates next year's ending inventory will be $35,000 for peaches. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures for peaches. c-2. Ms. Jasper estimates next year's ending inventory will be $56,800 for oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures for oranges. Complete this question by entering your answers in the tabs below. 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 $660,000, prepare the company's budgeted annual income statement. Complete this question by entering your answers in the tabs below. Ms. Jasper estimates next year's ending inventory will be $35,000 for peaches. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures for peaches. Note: Round your final answers to nearest whole dollar. Complete this question by entering your answers in the tabs below. Ms. Jasper estimates next year's ending inventory will be $56,800 for oranges. Prepare the company's inventory purchases budgets for the next year, showing quarterly figures for oranges. Note: Round your final answers to nearest whole dollar

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