Ch 22: End-of-Chapter Practice Assignment sent to Gradebook. Your grade is being recorded. Wed, Apr 15, 2020.6:19:27 PM (Pacific/Honolulu -10:00) Question 2 0.47/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Cullumber Company estimates that 2020 sales will be $42.800 in quarter 1.$51,300 in quarter 2, and $58,300 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished goods inventory equal to 18% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2020. CULLUMBER COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2020 Quarter Six Months Budgeted Cost of Goods Sold Sold C 2 1400 25650 Add : Desired Ending Merchandise Inventory 3078 6996 Total Required Units 24478 18654 Less : Beginning Merchandise Inventory 2568 3078 Required Merchandise Purchases 21910 $ 15576 $ 29150 e Textbook and Media Save for Later Attempts: 1 of 3 used Submit