Smith 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. Com Smith 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 - X More Info tof gd 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 onding inventory should not be below $5,000 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 $14.750. Print Done Data Table Smith Electronics Sales Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total ...s 39,000 $ 54,000 $ 46,500 $ 139,500 91,000 126,000 108,500 325,500 $ 130,000 $ 180,000 $ 155,000 $ 465,000 Cash sales, 30% Credits sales, 70% Total sales, 100% Print Done Clear All Check Answer pok Air