Question 3 Brendon is a retailer of electrical home wares. He divides the store's inventory into: . TV Sound equipment . Budgeted sales for the quarter ending December 2020 are as under: Oct Nov Dec Jan TV $362,250 $369,495 $351,020 $351,020 Sound equipment $265,200 $270,504 $275,914 $286,951 Brendon sets the selling price of goods by marking up the cost of purchases by 100% for all categories. He likes to keep enough stocks to meet expected sales as follows: TV: 85% of the cost of expected sales for next month .Sound equipment: 75% of the cost of expected sales for next month . Required: Prepare a purchases budget and a cost of goods sold budget for the quarter ending December 2020