Swifty Company estimates that 2022 sales will be $32,800 in quarter 1, $39,360 in quarter 2, and $47,560 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. JUL SWIFTY COMPANY Merchandise Purchases Budget $ 1 Quarter $ tA 2 $ S

Swifty Company estimates that 2022 sales will be $32,800 in quarter 1,$39,360 in quarter 2 , and $47,560 in quarter 3 . Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. SWIFTY COMPANY Merchandise Purchases Budget Quarter Budgeted Cost of Goods Sold Add : Desired Ending Merchandise Inventory v Less : Beginning Merchundise Imventory Required Merchandise Purchases