Executive officers of Solomon 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 First Quarter Second Quarter Third Quarter Fourth Quarter Sales manager $ 372,000 $ 305,000 $ 278,000 $ 489,000 Marketing consultant 521,000 457,000 410,000 657,000 Solomons 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 quarters expected cost of goods sold as the current quarters ending inventory This years ending inventory is $29,000 Next years ending inventory is budgeted to be $30,000 Required Prepare an inventory purchases budget using the sales managers estimate Prepare an inventory purchases budget using the marketing consultants estimate Executive officers of Solomon Company are wrestling with their budget for the next year The following are two different sales estimates provided by two different sources Solomon's past experience indicates that cost of goods sold is about 55 percent of sales revenue The company tries to maintain 2 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 Prepare an inventory purchases budget using the sales manager's estimate Note Round your final answers to nearest whole dollar amount

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Executive officers of Solomon Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two different

Executive officers of Solomon 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 First Quarter Second Quarter Third Quarter Fourth Quarter

Sales manager $ 372,000 $ 305,000 $ 278,000 $ 489,000

Marketing consultant 521,000 457,000 410,000 657,000

Solomons 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 quarters expected cost of goods sold as the current quarters ending inventory. This years ending inventory is $29,000. Next years ending inventory is budgeted to be $30,000.

Source of Estimate	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Sales manager	$ 372,000	$ 305,000	$ 278,000	$ 489,000
Marketing consultant	521,000	457,000	410,000	657,000

Required

Prepare an inventory purchases budget using the sales managers estimate.
Prepare an inventory purchases budget using the marketing consultants estimate.

Executive officers of Solomon Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two different sources. Solomon's past experience indicates that cost of goods sold is about 55 percent of sales revenue. The company tries to maintain 2 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. Prepare an inventory purchases budget using the sales manager's estimate. Note: Round your final answers to nearest whole dollar amount