Zeller Company estimates that 2020 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished goods 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 2020. ZELLER COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2020 t+A 1 Quarter 2 20000 $ 50 20000 64 24000 50 24000 Zeller Company estimates that 2020 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished goods 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 2020. ZELLER COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2020 Quarter +A 1 20000 $ 50 20000 6A 2 24000 50 24000 LA Six Months