State Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,007,000 in se prices to earn an average 40% gross profit on sales revenue. The company does not want inventory to fall below $410,000 plus 15 Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. State Logos Cost of Goods Sold, Inventory, and Purchases Budget For the Months of October and November October November Cost of goods sold Plus: Desired ending inventory Total Inventory required Less: Beginning inventory Purchases e $2,007,000 in September, $2,240,000 in October, $2,378,000 in November, and $2,590,000 in December State Logos sets its $410,000 plus 15% of the next month's cost of goods sold