Stewart Electronics sells tablets. Its sales budget for the nine months ended September 30 follows:

(Click the icon to view the budget.)

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In the past, cost of goods sold has been

60%

of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below

$10,000

plus

20%

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

$25,600.

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.)