4 The executive management team of Anakin Company is discussing their budget for the next year. They decided to break into smaller teams to provide sales estimates for the larger group to consider The estimates provided for consideration are sed below Thi Quer 1517, Tez 5484,000 $270,000 13.00 464.00 411.000 15 Anakin's post experience indicates that coul of goods sold is about 60 percent of sales revenue The company tries to maintain 20 percent of the next quarters expected cost of goods sold as the current quarter's ending inventory. This year's ending invente $29,000 Next years ending inventory is budgeted to be $30,000 Required . Prepare an inventory purchases budget using the Team Testimate b. Prepare an inventory purchases budget using the Team 2 estimate Complete this question by entering your answers in the tale below. Required A Required a Prepare an inventory purchases budget using the team i estimate. (Round your final answers to nearest whole doar amount.) First Quarter Second -Fourth Third Quarter Quarter 384 000 $ 317,000 $ 279.000 5 4848000 Sales S Total inventory rooded Required purchased 4 The executive management team of Anakin Company is discussing their budget for the next year. They decided to break into two smaller teams to provide sales estimates for the larger group to consider. The estimates provided for consideration are listed below First Second Thi Fourth Entit Quarter Quarter Quarter Quarter Tea $384.000 $317.000 3779.000 5484.000 Teas 2 523,000 464,000 411,000 643,000 15 Dot Anakin's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 20 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $29.000. Next year's ending Inventory is budgeted to be $30,000 Required a. Prepare an inventory purchases budget using the Team 1 estimate b. Prepare an inventory purchases budget using the Team 2 estimate Complete this question by entering your answers in the tabs below. Required A Required Prepare an inventory purchases budget using the Team 2 estimate. (Round your final answers to nearest whole dollar amount First Quarter Second Quarter 523,000 $ 464 000 $ Third Quarter Fourt Quartet 411,000 $ 643,000 Sales S Total inventory needed 0 0 0 0 Required purchases $ 0 $ Os OS 0