I am working on an income statement for a budgeting project for Managerial Accounting. I have created the attached excel book. I am looking at my Merchandise Purchasing Budget, to fill in my income statement. And I am not reaching my check number. I think that I have my Merchandise Purchasing Budget incorrect, but I don't know how I could have gotten it wrong. I need to have a gross profit of $1,745,000 before I subtract my expenses, and I am not getting close to that number. I need help figuring out where my math went wrong on the merchandising budget please.

Bright World, LLC Income Statement December 31 ,2023 Sales 5 3,102,400 Cost of Goods Sold: Beginning Inventory 5 218,400 Purchases 1,802,150 Goods Available for Sale 5 2,020,550 Ending Inventory 5 203,000 Cost of Goods Sold: $1,317,550 Gross Profit $1,234,350 Operating Expenses: Advertising Expense S 840,000 Rent Expense 80,000 Salaries Expense 480,000 Utility Expense 36,000 Insurance Expense 24,000 Commission Expense 155,120 Depreciation Expense 58,000 Total Operating Expenses $1,673,120 Income Before Interest Expense $ {333,270} Interest Expense 5 2,?60 Bright World, LLC Merchandise Purchases Budget For the Year Ended December 31, 2023 {in doiiars) Quarter 2024 1 2 3 4 Year (21 Budgeted Cost of Goods Sold 5 436,800 5 399,000 5 297,500 5 224,000 5 1,357,300 S 406,000 Add desired ending merchandise inventory 199,500 148,750 112,000 203,000 203,000 Total needs S 636,300 $ 547,750 5 409,500 5 427,000 S 2,020,550 Less beginning merchandise inventory 218,400 199,500 148,750 112,000 218,400 Required purchases 5 417,900 S 348,250 5 260,750 5 315,000 S 1,802,150 Schedule of Expected Cash Disbursment for Merchandise Purchases Beginning Accounts Payable S 215,040 5 215,040 First-quarter purchases 167,160 5 250,740 417,900 Secondquarter purchases 139,300 5 208,950 348,250 Thirdquarter purchases 104,300 5 156,450 260,750 Fourthquarter purchases 126,000 126,000 Tatalcashdisbursmentsfarpurchases S 382,200 5 390,040 5 313,250 5 282,450 5 1,367,940 Bright World, LLC Merchandise Purchases Budget For the Year Ended December 31, 2023 (in units) Quarter 2024 1 2 3 4 Year Q1 Budgeted Unit Sales 62,400 57,000 42,500 32,000 193,900 58,000 Add desired ending merchandise inventory 28,500 21,250 16,000 29,000 29,000 Total needs 90,900 78,250 58,500 61,000 288,650 Less beginning merchandise inventory 31,200 28,500 21,250 16,000 31,200 Required purchases 59,700 49,750 37,250 45,000 257,450Principles of Managerial Accounting Budget Project Fall 2022 Bright World LLC {13W} distributes sunglasses to small retail stores in the Midwest part of the United States. BW does not manufacture the sunglasses, but instead buys the sunglasses froln foreign sources and resells the sunglasses to small retail stores. It is December of 2022 and you have been hired as BW's Budget Manager. BW's President, Gary Christens, has asked you to prepare a master budget for 2023. You have gathered the following inforlnation and are ready to begin preparing the budget. Sales Information for BW: Actual sales 2022 Pairs of Sunglasses sold 1\" quarter 20.000 2mj quaner 94.000 3'\" quarter 36.000 4"\" quarter 40.000 Forecasted sales 2023 1\" quarter Your specic Input 2mj quaner Your specic Input 3"1 quarter Your specic Input 4"\" quarter Your specic Input 1\" quarter 2024 58.000 Shipping firms and le [1.5. Customs have previously delayed sunglass shipments arriving from the foreign manufacturers. BW management has addressed this concern by establishing a policy that the ending inventory for a quarter should be 50% of the next quarter's sales. All sunglasses are sold for $l6 per pair. All sales are on credit with no discount, and are payable in 30 days. BW has found that only 20% ofa quarter's sales are collected in the quarter of sale, with an additional 70% collected in the quarter following the sale. and the remaining 10% is collected in the second quarter following the sale. Bad debts have been insignicant and are not budgeted. 3W buys sunglasses from foreign suppliers. BW pays $2 per pair of sunglasses. 40% of a quarter's purchase is paid for in the quarter of purchase, the other 60% is paid for in the quarter following the quarter of purchase. BW plans to purchase new computer equipment costing $50,000 during the second quarter of 2023 and a new packing machine for $40,000 during the third quarter of 2023. Both of these equipment purchases are for use in the business and will be for cash at the time of the purchase. BW has a regular dividend pattern which is expected to continue during 2023. This pattern involves BW's board of directors declaring a $25,000 quarterly dividend on March lS'J'l June 1511', September 1511', and December 15"". The dividends are paid in cash 30 days after me board's declaration