E9-36A (similar to) Question Help Smith Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: E: (Click the icon to view the budget.) (Click the icon to view additional information.) Requirement Prepare a cost of goods sold , inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar.) Data Table Smith Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 r 31 Jun 30 Sep 30 Nine-Month T otal Cost of goods sold Plus: Desired ending inventory Total inventory required Smith Electronics Sales Budget For the Nine Months Ended September 30 Quarter Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 30%. ...... $ 33,000 $ 48,000 $ 40,500 $ 121,500 Credits sales, 70%..... 77,000 112,000 94,500 283,500 $ 110,000 $ 160,000 $ 135,000 $ 405,000 Total sales, 100%. Less: Beginning inventory Purchases A More Info Enter any number in the edit fields and then click Check Answer. In the past, cost of goods sold has been 75% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $210,000 during the fourth quarter. The January 1 inventory was $28,250. All parts showing Check