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.) i (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 Quarter Ended March 31 June 30 Cost of goods sold S 48,000 Plus: Desired ending merchandise inventory 16,800 Total merchandise inventory required $ 64,800 Less: Beginning merchandise inventory 36,000 Budgeted Purchases $ 28,800 i Data Table X i More Info X Quarter Ended Nine-Month In the past, cost of goods sold has been 40% of total sales. The director of March 31 June 30 September 30 Total marketing and the financial vice president agree that each quarter's ending Cash sales, 30% $ 36,000 $ 51,000 $ 43,500 $ 130,500 inventory should not be below $10,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $220,000 during the Credit sales, 70% 84,000 119,000 101,500 304,500 fourth quarter. The January 1 inventory was $36,000. $ 120,000 $ 170,000 $ 145,000 $ 435,000 Total sales Print Done Print Done parts