Novak Company estimates that 2017 sales will be $45.600 in quarter 1,556,000 in quarter 2, and $65.700 in quarter 3. Cost of goods sold is 50% of Sales Management desires to have ending finished goods inventory equal to 22% of the next quarter's expected cost of goods sold Prepare a merchandise purchases budget by quartor for the first 6 months of 2017 NOVAK COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2017 Quarter Budgeted Cost of Goods Sold 22000 20000 Add Desired Ending Merchandise Inventory Total 69400 34000 Les Beginning Merchandise Inventory 5016 6100 Required Merchandise Purches 77500 63034