Total sales, revenue susoog $125,099 150,099 In the past, cost of goods sold has been 70% of total sales. The director o and the financial vice president agree that each quarter's ending inventory below $10,000 plus 15% of cost of goods sold for the following quarter. director expects sales of $245,000 during the fourth quarter. The January $23,125. should not be The marketing 1 inventory was Requirement Prepare a cost of goods sold, inventory, and purchases budget for each of the first thre quarters of the year, Compute cost of goods sold for the entire nine-month period PROBLEMS Group A XP9-57A Comprehensive budgeting problem (Learning Objectives 2 & 3) Martin Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Martin Manufacturing's operations: Current Assets as of December 31 (prior year): 4,500 $ 47,000 $ 15,700 ....$120,000 42,400 $124,000 23,100 Cash Accounts receivable, net Inventory.. Property, plant, and equipment, net Accounts payable.... Capital stock.... Retained earnings Actual sales in December were $70,000. Selling price per unit is projected to remain a. stable at $10 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January February March April. May $ 80,000 $92,000 $ 99,000 $ 97,000 $ 85,000 Sales are 30% cash and 70% credit. All credit sales are collected in the month follow- ing the sale. b