Smith Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: (Click the icon to view the budget.) Requirement (Click the icon to view additional information.) 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.) Cost of goods sold Smith Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases More info Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total 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 $25,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $230,000 during the fourth quarter. The January 1 inventory was $33,250. Print Done Data table Smith Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 Jun 30 Sep 30 Nine-Month Total Cash sales, 20% . . . . $ Credits sales, 80%... Total sales, 100% $ 22,000 $ 88,000 110,000 $ 32,000 $ 128,000 160,000 $ 27,000 $ 81,000 108,000 324,000 135,000 $ 405,000 Print Done