Ivan, Inc. solistire tims. Ils sales budget for the nine months ended September 30, 2024, and additional information follow (Click the icon to view the budget) (Click the icon to view additional information) pare an inventory. purchases, and cost of goods sold budget for each of the first three quarters of - X Data table X More info None Month Total 157,500 567,500 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 530,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $18,000 Quarter Ended March 31 June 30 September 30 45,000 5 00 000 5 105,000 100 000 122.00 $ 150.000 200.000 175.000 Cash sales 30% Credit sales, 70% Total sales 525.000 Print Done Print Done Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods Sullivan, Inc. Inventory, Purchases, and cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended Quarter Ended March 31 June 30 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required 60,000 38,000 98,000 Less: Beginning merchandise inventory 18,000 Budgeted Purchases 80,000