Inventory, purchases, and cost of goods sold budgets

Tremont, Inc. sells tire rims. Its sales budget for the nine months ended September 30 2024, and additional information follow: B (Click the icon to view the budget.) (Click the icon to view additional information.) 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. Tremont, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 Plus: Tremont, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 Plus: Less: Beginning merchandise inventory Budgeted Purchases Cost of goods sold Desired ending merchandise inventory Total merchandise inventory required hods Sald Budaet. Data Table Quarter Ended Nine-Month Total Cash sales, 30% $ March 31 June 30 September 30 30,000 $ 45,000 $ 37,500 $ 70,000 105,000 87,500 112,500 262,500 Credit sales, 70% $ 100,000 $ 150,000 $ 125,000 $ 375,000 Total sales Print Done i More Info In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $14,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $200,000 during the fourth quarter. The January 1 inventory was $32,000. Print Done