61 Executive officers of Cowboy Ice Cream Company are working on their budget for the next year. The following are two different sales estimates provided by two different sources. Source of Estimate W.T. Frank Required A Sales First Quarter $390,000 518,000 CIC's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 percen 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 Frank's estimate. Complete this question by entering your answers in the tabs below. Total inventory needed Second Quarter $316,000 458,000 Required purchases Prepare an inventory purchases budget using Frank's estimate. (Round your final answers to nearest whole dollar amount.) Fourth Quarter $ 652,000 $ Third Quarter $289,000 415,000 Second Quarter 518,000 $ 458,000 $ First Quarter previous 0 0 Fourth Quarter $478,000 652,000 0 0 Third Quarter next > 415,000 0 0 $ 0 0

Executive officers of Cowboy ice Cream Company are working on their budget for the next year. The following are two different sales estimates provided by two different sources. CIC's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 perce 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 Frank's estimate. Complete this question by entering your answers in the tabs below