Next question Scannell sells tire rims. Its sales budget for the nine months ended September 30 follows: E: (Click the icon to view the budget.) In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $24,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $240,000 during the fourth quarter. The January 1 inventory was $39,600. Requirement 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. ..... Complete the table below. (Round amounts to the nearest whole dollar.) Scannell - X Budget Inventory, Purchases, and Cost of Goods Sold Budget For the Nine Months Ended September 30 Quarter Ended Nine-month Total March 31 June 30 September 30 Cost of goods sold Plus: Desired ending inventory Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 36,000 $ 51,000 $ 42,000 $ 129,000 84,000 119,000 98,000 301,000 Cash sales, 30% Credit sales, 70% Total inventory required Less: Beginning inventory $ 120,000 $ 170,000 $ 140,000 $ 430,000 Total sales, 100% Purchases Print Done