Homework: Ch. 9 MyAcctgLab Assignment 1 E9-38A (similar to) Score: 0 of 1 pt 9 of 9 (3 complete) HW Score: 18.8%, 1.69 Question Hel Skaff sells tire rims. Its sales budget for the nine months ended September 30 follows: (Click the icon to view the budget.) In the past, cost of goods sold has been 70% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20,000 plus 15% of cost of goods sold for the following quarter. The marketing director expects sales of $260,000 during the fourth quarter. The January 1 inventory was $36,800. Requirement Requirement. Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar.) i Budget Nine-month Quarter Ended Nine-Month Skaff Inventory, Purchases, and Cost of Goods Sold Budget For the Nine Months Ended September 30 Quarter Ended Jun 30 Sep 30 Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Mar 31 Total Mar 31 Jun 30 Sep 30 Total 64,000 $ 96.000 84,000 S 126,000 74,000 S 111,000 Cash sales, 40% ... ... $ Credits sales, 60% $ $ Total sales, 100%..... 222,000 333,000 160,000 $ 210,000 S 185,000 $ 555,000 Purchases Print Done 0 Requirement Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. E Print Done