Executive officers of Campbell Company are wrestling with their budget for the next year. The following...

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Executive officers of Campbell 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 Sales manager Marketing consultant First Quarter $374,000 521,000 Second Quarter $306,000 455,000 Third Quarter $288,000 408,000 Fourth Quarter $476,000 640,000 Campbell's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $33,000. Next year's ending inventory is budgeted to be $34,000. Required a. Prepare an inventory purchases budget using the sales manager's estimate. b. Prepare an inventory purchases budget using the marketing consultant's estimate. Executive officers of Campbell 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 Sales manager Marketing consultant First Quarter $374,000 521,000 Second Quarter $306,000 455,000 Third Quarter $288,000 408,000 Fourth Quarter $476,000 640,000 Campbell's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $33,000. Next year's ending inventory is budgeted to be $34,000. Required a. Prepare an inventory purchases budget using the sales manager's estimate. b. Prepare an inventory purchases budget using the marketing consultant's estimate.