Current Attempt in Progress Crane Company estimates that 2022 sales will be $42,400 in quarter 1, $50,880 in quarter 2, and $61,480 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. CRANE COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2022 42400 Quarter 50880