Next question Swenson Electronics sels tablets. Its sales budget for the nine months ended September 30 follows: E (Click the icon to view the budget.) (Click the icon to view additional information.) Requirement Prepare a cost of goods sold, inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to the nearest whole dollar.) Swenson Electronics Cost of Goods Sold, Inventory, and Purchasen Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 Nine-Month Total Jun 30 Sep 30 Cost of goode sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases Data table Swenson Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 20% $ 26,000 $ 36,000 $ 31,000 $ 93,000 .... 104,000 144,000 124,000 372,000 Credits sales, 80% $ 130,000 $ 180,000 $ 155,000 $ 465,000 Total sales, 100% .... Print Done More info In the past, cost of goods sold has been 60% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $30,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $45,600. Print Done