Sweeney, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Nine-Month Total Plus: Less: Data Table i 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 $9,000 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 $17,000. Quarter Ended Nine-Month March 31 June 30 September 30 T otal $ 39,000 $ 54,000 S 46,500 $ 139,500 91,000 126,000 108,500 325,500 $ 130,000 $ 180,000 S 155,000 $ 465,000 Cash sales, 30% Credit sales, 70% Total sales Print Done Print Done