Termont, Inc sells tire rims. Its sales budget for the nine months ended September 30,2018 and additional information follow:

Prepare an inventory, purchases, and cost of goods sold for each of the first three quarters of the year. Compute cost of goods sold for the entire nine month period.

Inc. i Data Table X Quarter Ended Nine-Month March 31 Total Cash sales, 30% $ 46,500 $ 108,500 June 30 September 30 61,500 $ 54,000 $ 143,500 126,000 162,000 378,000 Credit sales, 70% $ Total sales 155,000 $ 205,000 $ 180,000 $ 540,000 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 $20,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $255,000 during the fourth quarter. The January 1 inventory was $17,000. Nine-Month Total Tremont, 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 Cost of goods sold Plus. Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases