Prepare an inventory, purchases, and cost of goods sold budget (Learning} Objective 2)

University Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be \(\$ 2,000,000\) in September, \(\$ 2,160,000\) in October, \(\$ 2,376,000\) in November, and \(\$ 2,500,000\) in December. University Logos sets its prices to earn an average \(30 \%\) gross profit on sales revenue. The company does not want inventory to fall below \(\$ 400,000\) plus \(15 \%\) of the next month's cost of goods sold.

Prepare an inventory, purchases, and cost of goods sold budget for the months of October and November.