Jezaret, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2018, and additional information follow: (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. Jezaret, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended March 31 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases Data table Quarter Ended Nine-Month Quarter Ended June 30 Quarter Ended September 30 Nine-Month March 31 June 30 September 30 Total Total Cash sales, 40% $ 48,000 $ Credit sales, 60% Total sales 72,000 68,000 $ 102,000 58,000 $ 174,000 87,000 261,000 120,000 $ 170,000 $ 145,000 $ 435,000 More info Print Done 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 $9,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $220,000 during the fourth quarter. The January 1 inventory was $19,000