Plus: Less: Stewart, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Nine-Month Total 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 $35,000 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 $15,000. Data table Print Done - Quarter Ended Nine-Month March 31 June 30 September 30 Total Cash sales, 30% $ 46,500 $ 61,500 $ 54,000 $ 162,000 Credit sales, 70% 108,500 143,500 126,000 378,000 $ 155,000 $ 205,000 $ 180,000 $ 540,000 Total sales Print Done