E23-2 1-Tote is an e-tailer of womens' accessories. Their sales budget for the nine months ended September 30 follows: Quarter Ended. Nine-Month March 31 June 30 Sep. 30 Total Cash sales, 30%; Credit sales, 70% $ 30,000 Total sales. 100% 70,000 $100,000 $ 45,000 105.000 $150,000 $ 37.500 87,500 $125,000 $112.500 262.500 $375.000 In the past, cost of goods sold has been 70% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20.000 plus 10% of cost of goods sold for the following quarter. Thomas expects sales of $110.000 during the fourth quarter. The January 1 inventory was $22,000. Prepare a purchases, cost of goods sold, and inventory budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Use Exhibit 23-8 as a model.)