Skaff Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: (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.) Skaff Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Total Mar 31 Jun 30 Sep 30 Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases Skaff Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Total Mar 31 Jun 30 Sep 30 Cash sales, 30% .....$ 36,000 $ 84,000 51,000 $ 119,000 43,500 $ 101,500 130,500 304,500 Credits sales, 70% $ 120,000 $ 170,000 $ 145,000 $ 435,000 Total sales, 100% In the past, cost of goods sold has been 65% 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 20% of cost of goods sold for the following quarter. The marketing director expects sales of $240,000 during the fourth quarter. The January 1 inventory was $35,600