4 The executive management team of Rey 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 Then Youth Estimate Duarte Die Quarter QUE Team 89.000 3310,000 1289,000 400,000 Team 2 517.000 453,000 402.000 5 ants Sotto Rey's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 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. OR Complete this question by entering your answers in the tabs below. Required A Required Prepare an inventory purchases budget using the Team 1 estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Third Quarter Fourth Quarter Quarter Sales $ 389,000 $ 318,000 $ 289,000 $ 484,000 Total inventory needed Renuar numrhaces Required A Required B Prepare an inventory purchases budget using the Team 2 estimate. (Round your final answers to nearest whole dolla amount.) First Quarter Second Quarter $ 517,000 $ 453,000 Fourth Third Quarter Quarter $ 402,000 $ 648,000 Sales Total inventory needed Required purchases