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Homework: Chapter Master Budgets Save Score: 0 of 1 pl 9 of 15 (5 complete) HW Score: 23.58%, 3.54 of 15 pts EM5-31 (similar to) Data Table Smith, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow (Click the icon to view the budget) 1) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year, Compute cos Quarter Ended Nine-Mo March 31 June 30 September 30 Total Inventory, Purchases, and Cost of Goods Sold Budget Cash sales, 20% S 24,000 S 34,000 S 20,000 $ 8 Nine Months Ended September 30, 2024 Credit sales, 80% 96.000 136.000 116,000 34 Quarter Ended 120,000 $ 170,000 S 145,000 S 43 March 31 Total sales Cost of goods sold 51000 More Info Plus Desired ending merchandise inventory Total merchandise inventory required Less Beginning merchandise inventory 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 Budgeted Purchases inventory should not be below $14,000 plus 10% of cost of goods sold for the following quarter The marketing director expects sales of $220,000 during the fourth quarter The January 1 inventory was $37,000 Choose from any list or enter any number in the input fields and then click Check Answer 3 parts Done remaining Clear All Print 9:51 PM Type here to search O n A 2/23/2021