Sullivan Electronics sells tablets. Its sales budget for the nine months ended September 30 follows: (Click the icon to view the budget.) G 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 dar) Sullivan Electronics Cost of Goods Sold, Inventory, and Purchases Budget For the Nine Months Ended September 30 Quarter Ended Mar 31 Jun 30 Sep 30 Nine Month Total Cost of goods sold Plus: Desired ending inventory Total inventory required Loss Beginning inventory Purchases 3 (similar to) i More Info Inics sells tablets. Its sales budget for the nine months ended Sept icon to view the budget.) (Click the icon to view add st of goods sold, inventory, and purchases budget for each of the fir In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $5,000 plus 10% 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 $13.450 Data yable Print Done oods Desired entory Beginn ses Sullivan Electronics Sales Budget For the Nine Months Ended September 30 Quarter Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 20% .....5 26,000 $ 36,000 $ 31,000 $ 93,000 Credits sales, 80% .... 104,000 144,000 124,000 372,000 130,000 $ 180,000 $ 155,000 $ 465.000 Total sales 100%