Executive officers of Thornton 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 $378,000 515,000 Second Quarter $319,000 459.000 Third Quarter $277,000 416,000 Fourth Quarter $484,000 644,000 Thornton'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 $33,000. Next year's ending inventory is budgeted to be $34,000. 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.) Sales $ $ $ $ $ $ $ S Cost of goods sold Plus: Desired ending inventory Total inventory needed Less: Beginning inventory Required purchases First Quarter 378,000 245,700 20,735 266.435 33,000 233,435 Second Quarter 319,000 207,350 18,008 225,358 20,735 204,623 Third Quarter 277,000 180,080 31,460 211,540 18,008 193,532 Fourth Quarter 484,000 314,600 34,000 348.600 31460 317,140 $ $ $ $ Required ) "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Required A Required B Prepare an inventory purchases budget using the marketing consultant's estimate. (Round your final answers to nearest whole dollar amount.) F 12 Sales $ $ Second Quarter 459,000 $ 298,350 27,040 325,390 Cost of goods sold Plus: Desired ending inventory Total inventory needed Less: Beginning inventory Required purchases $ First Quarter 515,000 334,750 29,835 364,585 33,000 331,585 Third Quarter 416,000 270,400 41,860 312,260 27,040 285,220 ourth Quarter 644,000 418,600 34,000 4 52,600 41,860 410,740 $ $ 295,555 $ $