. Scannell Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: 3 (Click the icon to view the budget.) (Click the icon to view additional information.) 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.) Scannell Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Total Jun 30 Sep 30 87,500 262,500 Cost of goods sold 70,000 105,000 Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases 3: Data Table 3: Data Table Scannell Electronics Sales Budget For the Nine Months Ended September 30 Nine-Month Quarter Sep 30 Total Jun 30 Mar 31 60,000S 50,000$ 150,000 Cash sales, AQ%. . 40,000 225,000 90,000 75,000 60,000 Coedits sales, 60 % 125,000 $ 375,000 100,000$ 150,000 $ Tatal sales, 100 %. . 4: More Info In the past, cost of goods sold has been 70 % 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 15% of cost of goods sold for the following quarter. The marketing director expects sales of $220,000 during the fourth quarter. The January 1 inventory was $40,500