Executive officers of Fanning Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two different sources. Source of Estimate Sales manager Marketing consultant First Quarter $ 383,000 527,000 Second Quarter $ 304,000 470,000 Third Quarter $ 273,000 411,000 Fourth Quarter $ 471,000 646,000 Fanning's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 20 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $25,000. Next year's ending inventory is budgeted to be $26,000. 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. Complete this question by entering y Assessment Tool iFrame tabs below. Required A Prepare Required B Required A an inventory purchases budget using the sales manager's estimate. Note: Round your final answers to nearest whole dollar amount. Sales Total inventory needed Required purchases Fourth Quarter First Quarter Second Quarter Third Quarter 383,000 $ 304,000 $ 273,000 $ 0 0 $ 0 $ 0 $ < Required A Required B 0 471,000 0 0 $ 0 Required A Required B Prepare an inventory purchases budget using the marketing consultant's estimate. Note: Round your final answers to nearest whole dollar amount. Sales Total inventory needed Required purchases $ EA First Quarter Second Quarter Third Quarter 527,000 470,000 $ 411,000 $ 0 0 0 $ 0 $ < Required A Required B 0 0 Fourth Quarter 646,000 0 EA $ 0