atem End 30 In the past, cost of goods sold has been 75% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $15,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $200,000 during the fourth quarter. The January 1 inventory was $22,500. Print Done Smith Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total $ 30,000 $ 45,000 $ 37,500 $ 112,500 70,000 105,000 87,500 262,500 Cash sales, 30% ===== Credits sales, 70% $ 100,000 $ 150,000 $ 125,000 $ 375,000 Total sales, 100% Smith Electronics sells tablets. Its sales budget for the nine months anded September 30 follows: Click the icon to view the budget) Click the icon to view additional information) Requirement Prepare a cost of goods sold, Inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-mc Smith Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Total Mar 31 Jun 30 Sep 30 Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases