HW Question 4 (of 7) value: 10.00 points Executive officers of Weston 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 $378,000 529,000 Second Quarter $302,000 452,000 Third Quarter $281,000 406,000 Fourth Quarter $475,000 649,000 Weston'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 $35,000. Next year's ending inventory is budgeted to be $36,000. Required a. Prepare an inventory purchases budget using the sales manager's estimate. (Round your answers to the nearest whole dollar amount.) First Quarter econd Quarter Third Quarter Fourth Quarter Sales Cost of goods sold Plus: Desired ending inventory Total inventory needed Less: Beginning inventory Required purchases 378,000 S 302,000 $ 281,000S 475,000 245,700 196,300 182,650 308,750 36,000 344,750 30,875 230,330 194,935 S 195,260 $ 313,875 263213.525 18,265 214,565 19,630 30,875 19,630 265,330 35,000 18,265