Sullivan, Inc. sells tire rims. Its sales budget for the nine months ended September $30,2024,$ and additional information follow:

$($Click the icon to view the budget.$)$

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Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of 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

March $31$

Data table

More info

In the past, cost of goods sold has been $40\%$ of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $$35,000$ plus $10\%$ of cost of goods sold for the following quarter. The marketing director expects sales of $$225,000$ during the fourth auarter. The Januarv $1$ inventorv was $$32\mathrm{.}000.$

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