Flounder Company estimates that 2017 sales will be $40,000 in quarter 1.552.000 in quarter 2, and $62,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished goods inventory equal to 16% of the next quarter's expected cost of goods sold Prepare a merchandise purchases budget by quarter for the first 6 months of 2017 FLOUNDER COMPANY Merchandise Purchases Budget For the six months Ending June 30, 2017 Quarter 1 2 $ Add Desired Ending Merchandise Inventory Beginning Merchandise Inventory $ Required Merchandise Purchases