Fresh Fruits Corporation: Next Year's Sales Budget
Fresh Fruits Corporation wholesales peaches and oranges. Nora Boyd is working with the company's accountant to prepare next years budget. Ms Boyd estimates that sales will increase 5% annually for peaches and 10% for oranges. The current years sales revenuedata follow:
Based on the company's past experience cost of goods sold is usually 60% of sales revenue. Company policy is to keep 10% of the next periods estimated cost of goods sold as the current periods ending inventory. Use cost of goods sold for the first quarter to determine the beginning inventory for the first quarter.
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 600,000, prepare the company's budgeted annual income statement.
C. Ms Boyd estimates next years ending inventory will be 31000 for peaches and 52000 for oranges. Prepare the company's inventory purchases for the next year showing quarterly figures.
Solution Summary
Guidelines are provided on how to create a company's sales budget and annual income statement.
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