1. Buds Budget Bannisters is planning its operating budget for 2024. Estimated sales amounts for each quarter are in the spreadsheet. Cost of goods sold averages 60% of sales. Bud plans to have ending inventory each quarter equal to the following quarters budgeted cost of goods sold. Budgeted ending inventory for 2023 is $13,000. Buds pays for 75% of purchases in the quarter of the purchase; they pay for the remaining 25% in the following quarter. Accounts Payable for the end of 2023 is budgeted to be $18,000.

Required: Show calculations for budgeted purchases for the first three quarters of 2024. Also show calculations for budgeted payments for purchases for the first three quarters.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline 4 & A & B & C & D & E & F & G & H & 1 & J & K & L & M & N & 0 \\ \hline 1 & & Q1 & Q2 & Q3 & Q4 & Total & & & & & & & & & \\ \hline 2 & Sales & 86,900 & 94,300 & 95,900 & 81,300 & 358,400 & & COGS & 60% & of sales & & & & & \\ \hline 3 & & & & & & & & End inv & 15% & \multicolumn{5}{|c|}{ of next quarter's budgeted Cost of goods sold } & \\ \hline 4 & & & & & & & & Pmt & 75% & \multicolumn{5}{|c|}{1% of purchases paid for in the quarter of purchase } & \\ \hline 5 & COGS & & & & & & & & & & & & & & \\ \hline 6 & Endinv & & & & & & & & & & & & & & \\ \hline 7 & Beg Inv & & & & & & & & & & & & & & \\ \hline 8 & & & & & & & & & & & & & & & \\ \hline 9 & Purch & & & & & & & & & & & & & & \\ \hline 10 & & & & & & & & & & & & & & & \\ \hline 11 & & & & & & & & & & & & & & & \\ \hline 12 & & & & & & & & & & & & & & & \\ \hline 13 & & & & & & & & & & & & & & & \\ \hline 14 & & & & & & & & & & & & & & & \\ \hline 15 & & & & & & & & & & & & & & & \\ \hline 16 & & & & & & & & & & & & & & & \\ \hline 17 & & & & & & & & & & & & & & & \\ \hline \end{tabular}