Waterway Company estimates that 2022 sales will be $40,800 in quarter 1, $48,960 in quarter 2, and $59,160 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. WATERWAY COMPANY Merchandise Purchases Budget V Quarter 1 2 Six Mo $ $ vi $ $ $