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.)

Stewart Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: E (Click; the icon to view the budget.) 0 (Click; the icon to view additional information.) Requirement Prepare a cost of goods sold , inventory, and purchases budget for each of the rst three quarters of the year. Compute cost of goods sold for the entire ninemonth period. (Round amounts to the nearest whole dollar.) Stewart Eleotro I'IiGS Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September so Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Fatal Cost of goods sold Plus: Desired ending inventor}I Total inventor)r required Less: Beginning inventoryr l I Purchases l l Stewart Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 20% . . . ...$ 25,000 $ 35,000 $ 30,000 $ 90,000 Credits sales, 80% . . . . 100,000 140,000 120,000 360,000 $ 125,000 $ 175,000 $ 150,000 $ 450,000 Total sales, 100%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 $25,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $40,000