The executive management team of Wookie 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 $374,000 526,000 Second Quarter $317,000 457,000 Third Quarter $276,000 412,000 Fourth Quarter $475,000 659,000 Wookie's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending Inventory is $37,000. Next year's ending Inventory is budgeted to be $38,000 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 $ 374,000 $ Second Third Quarter Fourth Quarter Quarter 317,000 $ 275,000 $ 475,000 Sales Wookie's past experience indicates that cost of goods sold is about 60 percent of sales revenue. The company tries to maintain 10 percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending inventory is $37,000. Next year's ending inventory is budgeted to be $38,000. 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.) Second Fourth First Quarter Third Quarter Quarter Quarter 528,000 $ 457,000 $ 412,000 $ 650,000 Sales Total inventory needed Required purchases und