In the past, cost of goods sold has been 75% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $5,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $240,000 during the fourth quarter. The January 1 inventory was $23,000 Data Table Slate Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 Jun 30 Cash sales, 30% Nine-Month Sep 30 Total 43,500 $ 130,500 101,500 304,500 $ 36,000 $ 84,000 51,000 $ 119,000 Credits sales, 70% $ Total sales, 100% 120,000 $ 170,000 $ 145,000 $ 435,000 Slate Electronics sells tablets. Its sales budget for the nine months ended September 30 follows (Click the icon to view the budget) Click the icon to view additional information) Requirement Prepare a cost of goods sold inventory, and purchases 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) Slate Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Total Mar 31 84000 Jun 30 119000 Sep 30 101500 Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases