The executive management team of Finn 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. Estimate Team 1 Team 2 First Quarter $380,000 513, eee Second Quarter $319,000 461,000 Third Quarter $283,000 412,080 Fourth Quarter $488,000 643,00 Finn's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 20 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $35,000. Next year's ending inventory is budgeted to be $36,000, 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.) First Quarter Second Fourth Third Quarter Quarter Quartar 319,000 $ 283,000 $ 488,000 Sales $ 380,000 $ Total Inventory needed 0 0 0 0 Required purchases $ 05 05 os 0 Required> The executive management team of Finn 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. Estimate Tean 1 Tean 2 First Quarter $380,000 513,000 Second Quarter $319, Bee 461,000 Third Quarter $283,000 412,000 Fourth Quarter $488,000 643,000 Finn's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 20 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $35,000, Next year's ending inventory is budgeted to be $36,000. 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 2 estimate. (Round your final answers to nearest whole dollar amount.) First Quarter Second Quarter S 513.000 $ 461,000 Fourth Third Quarter Quarter 412.000 S 643.000 Sales Total inventory needed o Required purchases os 05 OS 0