Sweeney 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.) For the Nine Months Ended September 30 Quarter Ended Nine-Month Mar 31 Jun 30 Sep 30 Total Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases i Data Table Sweeney Electronics Sales Budget For the Nine Months Ended September 30 Quarter Nine-Month Mar 31 Jun 30 Sep 30 Total Cash sales, 30% ...... $ 30,000 $ 45,000 $ 37,500 $ 112,500 Credits sales, 70%..... 70,000 105,000 87,500 262,500 100,000 $ 150,000 $ 125,000 $ 375,000 Total sales, 100%...... Print Done field Clear All Chi sales budget for the nine months ended September 30 follows: 1 (Click the icon to view additional information.) ry, and purchases budget for each of the first three quarters of the year. Compute cost of goods i More Info 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 $15,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $220,000 during the fourth quarter. The January 1 inventory was $30,000. Print Done and then click Check Answer. Clear All