The executive management team of Fett Company is discussing their budget for the next year. They decided to break into two smaller teams to provide sales estimates for the larger group to consider. The estimates provided for consideration are listed below. First Second Third Fourth Estimate Quarter Quarter Quarter Quarter Team 1 $384,000 $313,000 $28.4.2013 5483,000 Team 514,000 459,000 414,000 647,000 Fett's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 15 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $25,000. Next year's ending inventory is budgeted to be $26.000 Required a. Prepare an inventory purchases budget using the Team 1 estimate b. Prepare an inventory purchases budget using the Team 2 estimate Complete this question by entering your answers in the tabs below. Required A Required B Prepare an inventory purchases budget using the Team 1 estimate. (Round your final answers to nearest whole dollar amount.) a. Prepare an inventory purchases budget using the Team 1 estimate b. Prepare an inventory purchases budget using the Team 2 estimate Complete this question by entering your answers in the tabs below. Required A Required B Prepare an inventory purchases budget using the Team 1 estimate. (Round your final answers to nearest whole dollar amount.) Sales First Quarter Second Quarter Third Quarter Fourth Quarter S 384,000 $ 313,000 $ 284,000 $ 483,000 Total inventory needed 0 0 0 0 Required purchases $ 0 $ 0 $ 0 $ S 0 (Required a Required B > a. Prepare an inventory purchases budget using the Team Testimate b. Prepare an inventory purchases budget using the Team 2 estimate Complete this question by entering your answers in the tabs below. Required A Required B Prepare an inventory purchases budget using the Team 2 estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Third Quarter Fourth Quarter Quarter Sales S 514,000 $ 459,000 $ 414,000 $ 647,000 0 0 0 0 Total inventory needed 0 S $ 0 0 $ $ 0 Required purchases