23 of 50 View Policies < > -/8 E Current Attempt in Progress Coronado Company estimates that 2022 sales will be $47,200 in quarter 1, $56,640 in quarter 2, and $68,440 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. CORONADO COMPANY Merchandise Purchases Budget Quarter 1 2 Six Months $ $ $ $