E22-31 (similar to) Sulivan, Inc sells tire rims. Its sales budget for the nine months ended September 30, 2018, and additional information follow (click the icon to view the budget ) (Click the icon to view additional information) r rst three quarters of the year Compute cost of goods sold for the entire nine-month period Prepare an inventory, purchases, and cost of goods sold budget for each of the f Sullivan, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended March 31 Plus Desired ending merchandise inventory Total merchandise inventory required Less. Beginning merchandise inventory Budgeted Purchases Choose from any list or enter any number in the input fields and then click Check Answer Clear All remaining 1 Data Table Quarter Ended Nine-Month March 31June 30 September 30 Total Cash sales, 20% $ 27,000 $ 37,000 S 32,000 $ 128,000 160,000 $ 96,000 384,000 480,000 credit sales, 80% 108,000 148,000 $135,000 S185,000 $ Total sales Print Done More Info In the past, cost of goods sold has been 40% of total sales The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $35,000 plus 10% of cost of goods sold for the following quarter The marketing director expects sales of $235,000 during the fourth quarter. The January 1 inventory was $37,000 Print Done