Do It Review 22-05 Sheridan Company estimates that 2020 sales will be $43,200 in quarter 1, $51,300 in quarter 2, and $63,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished goods inventory equal to 12% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2020. SHERIDAN COMPANY Merchandise Purchases Budget Quarter 1 2 Six Months Question Attempts: 0 of 1 used