Spreadsheet Assignment Mastering Excel Spitzer Company has collected sales forecasts for next year from three people.

They have estimated that the cost of goods sold is 70 percent of sales. The company tries to maintain 10 percent of next quarter’s expected cost of goods sold as the current quarter’s ending inventory.
The ending inventory of this year is $25,000. For budgeting, the ending inventory of the next year is expected to be $28,000.
Required

a. Construct a spreadsheet that allows the inventory purchases budget to be prepared for each of the preceding estimates.
Spreadsheet Tip The VLOOKUP function can be used to choose one line of the preceding estimates. See the spreadsheet tips in Chapter 6 for an explanation of VLOOKUP