Lily Company estimates that 2022 sales will be $33,600 in quarter 1,$40,320 in quarter 2 , and $48,720 in quarter 3 . Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022 . LILY COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2022 * Quarter