Executive officers of Perez 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 $381,000 529,000 Second Quarter $309,000 458,000 Third Quarter $290,000 413,000 Fourth Quarter $489,000 649,000 Perez'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 $29,000. Next year's ending Inventory is budgeted to be $30,000. 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 whole dollar amount.) First Quarter Second Fourth Third Quarter Quarter Quarter 309,000 $ 290,000 $ 489,000 Sales $ 381,000 $ Total inventory needed Required purchases Executive officers of Perez 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 $381,000 529,000 Second Quarter $309,000 458,000 Third Quarter $290,000 413,000 Fourth Quarter $489,000 649,000 Perez'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 $29,000. Next year's ending inventory is budgeted to be $30,000. 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 marketing consultant's estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Quarter 5 529,000 $ 450,000 $ Fourth Third Quarter Quarter 413.000 $ 649,000 Sales Total inventory needed Required purchases