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iclick the icon to view the budget.) (1) (Click the icon to view additional information) Prepare an irventory, purchases. and cost of goods sold budget for each of the firnt three quarters of the yoar. Compute cost of goods sold for the entien nine-thonth period Data table 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 $255,000 during the fourth quarter. The January 1 inventory was $17,000