Executive officers of Walton Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources: First Quarter Second Quarter Third Quarter Fourth Quarter $385,000 $311,000 $281,000 $470,000 527,000 465,000 405,000 649,000 Source of Estimate Sales manager Marketing consultant Walton's past experience indicates that cost of goods sold is about 65 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 $31,000. Next year's ending inventory is budgeted to be $32,000 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. RequiredARequired B Prepare an inventory purchases budget using the sales manager's estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Quarter Third Quarter Fourth Quarter $ 385,000 $311,000 $281,000 $ 470,000 Sales Cost of goods sold Plus: Desired ending inventory Total inventory needed Plus: Beginning inventory Required purchases 0 Complete this question by entering your answers in the tabs below. Required ARequired 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 Third Quarter Fourth Quarter $527,000$ 465,000 S 405,000 649,000 Sales 0 0 Total inventory needed 0 Required purchases