Requirement

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.$)$

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Stewart Electronics

In the past, cost of goods sold has been $75\%$ of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $$20,000$ plus $10\%$ of cost of goods sold for the following quarter. The marketing director expects sales of $$250,000$ during the fourth quarter. The January $1$ inventory was $$29,750.$

Cost of Goods Sold, Inventory, and Purchases Budget

For the Nine Months Ended September $30$