Sheffield Company estimates that 2017 sales will be $12.800 in quarter 1.952,600 in quarter 2. and $62, 100 in quarter 3. Cost of goods sold is 50% of sales Management desires to have ending finished goods inventory equal to 12% of the next quarter's expected cost of goods sold Prepare a merchandise purchases budget by quarter for the first 6 months of 2017. SHEFFIELD COMPANY Merchandise Purchases Budget Quarter 2 $ $ 5