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.

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 $$30,000$ 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 $$35,000.$

Data table