Stewart 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.) 0 More Info Stewart Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total $ 93,750 $ 131,250 $ 112,500 $ 337,500 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 $20,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $38,750. Cost of goods sold Plus: Desired ending inventory Print Done Total inventory required Less: Beginning inventory Mar 31 37,500 $ 87,500 Cash sales, .30%. .........$ Credits. sales, 70% .....- Tatal sales, 100% $ Purchases Jun 30 52,500 $ 122,500 175,000 $ Sep 30 45,000 $ 105,000 150,000 $ Total 135,000 315,000 450.000 125,000 $