Sulivan Inc sells tire rims. Ia sales budget for the nine months anded September 30, 2024, and additional Information follow: (Click the icon to view the budget) Cick the icon to vien additional Information) Prepare an invcmory, purchases, and coat af gaods sold budget for each of the first three quarters of the year. Compute cost af goods sold for the entire nine-month period. Sullivan, Inc Inventory, Purchases, and cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended Quarter Ended March 31 June 30 Coat of goods sold $ 62.000 Plus: Desired anding merchandise Inventory 33,209 Total merchandise inventory required $ 85,200 Less: Beginning merchandise Irwantory 19,000 $ 76,200 Budgeted Purchases Data table Cash sales, 30% Credit salon, 70% Quarter Ended Nine- Month March 31 June 30 September 30 Total $ S 48.500 5 81.500 5 54,000 $ 162,000 106. SCO 143,500 128,000 378,000 $ 155.000 205,000 $ 180,000 $ 540,000 More info Total sales In the past, cost af gaods sold has been 40% af total sales. The director of maricating and the financial vice president agree that each quarters ending inventory should not be below $25,000 plus 10% of cost of goods sold for the folosing quarter. The marketing director expecls sales of S255,000 during the fourth quarter. The January 1 inventory was $19.0CO. Print Done Print Done