Executive officers of Gibson 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 $379,000 524,000 Second Quarter $ 304,000 468,000 Third Quarter $ 272,000 409,000 Fourth Quarter $ 480,000 649,000 Gibson's past experience indicates that cost of goods sold is about 55 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 $35,000. Next year's ending inventory is budgeted to be $36,000. 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 your answers in the tabs below. Required A Required B Prepare 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 First Quarter Second Quarter Third Quarter Fourth Quarter $ 379,000 $ 304,000 $ 272,000 $ 480,000