Executive officers of Jordan 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 $377,000 513,000 Second Quarter $317,000 462,000 Third Quarter $284,000 417,000 Fourth Quarter $480,000 648,000 Jordan'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 $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. (Round your final answers to nearest v amount.) 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. (Round your final answers to nearest v amount.) Sales Cost of goods sold Plus: Desired ending inventory Total inventory needed Less: Beginning inventory Required purchases First Quarter Second Quarter Third Quarter Fourth Quarter $ 377,000 $ 317,000 $ 284,000 $ 480,000 0 0 0 $ 0 $ $ < Required A Required B > 0 0 0 $ 0 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 marketing consultant's estimate. (Round your final answers to ne whole dollar amount.) Sales Total inventory needed Required purchases First Quarter Second Quarter Third Quarter Fourth Quarter $ 513,000 $ 462,000 $ 417,000 $ 648,000 0 0 0 $ 0 $ $ < Required A Required B > 0 0 0 $ 0