Executive officers of Stoneham 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 $225,000 300,000 Second Quarter $180,000 240,000 Third Quarter $160,000 210,000 Fourth Quarter $ 270,000 350,000 Stoneham's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $15,000. Next year's ending inventory is budgeted to be $18,000. 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. First Quarter Second Third Quarter Quarter $ 180,000 $ 160,000 Fourth Quarter $ 270,000 Sales $ 225,000 Total inventory needed 0 0 0 0 Required purchases $ 0 $ 0 $ 0 $ 0 Required A Required B > Executive officers of Stoneham 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 $225,000 300,000 Second Quarter $180,000 240,000 Third Quarter $160,000 210,000 Fourth Quarter $ 270,000 350,000 Stoneham's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $15,000. Next year's ending inventory is budgeted to be $18,000. 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. Second First Quarter Quarter $ 300,000 $ 240,000 Fourth Third Quarter Quarter $ 210,000 $ 350,000 Sales Total inventory needed 0 0 0 0 Required purchases $ 0 $ 0 $ 0 $ 0