Quarter Ended Nine-Month March 31June 30 September 30 Total Cash sales, 30% Credit sales, 70% Total sales 42,000 $ 98,000 40,000 420,000 26,000 294,000 $34,500 $49,500 $ 115,500 $115,000 $ 165,000 $ 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 $14,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $215,000 during the fourth quarter. The January 1 inventory was $32,000. Swenson, Inc Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended Quarter Ended Quarter Ended Nine-Month March 31 June 30 September 30 Total Plus Less