Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Data Table i 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 $25,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $210,000 during the fourth quarter. The January 1 inventory was $36,000. Quarter Ended Nine-Month March 31 June 30 September 30 T otal $ 33,000 $ 48,000 $ 40,500 $ 121,500 77,000 112,000 94,500 283,500 $ 110,000 $ 160,000 $ 135,000 $ 405,000 Cash sales, 30% Credit sales, 70% Total sales Print Done Print Done For the Nine Months Ended September 30 Quarter Ended Nine-Month Total Mar 31 Jun 30 Sep 30 Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases