Executive officers of Adams Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources. Source of Estimate First Quarter Second Quarter Third Quarter Fourth Quarter Sales manager $ 389,000 $ 312,000 $ 288,000 $ 486,000 Marketing consultant 521,000 453,000 409,000 647,000 Adamss past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 15 percent of the next quarters expected cost of goods sold as the current quarters ending inventory. This years ending inventory is $39,000. Next years ending inventory is budgeted to be $40,000. Required Prepare an inventory purchases budget