Sullivan, Inc. sells tire rims. Its sales budget for the nine months ended September 30,2024 , and additional information follow: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sol the entire nine-month period. Data table In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $35,000..

1. Sullivan, Inc. sells tire rims. Its sales budget for the nine months ended September 30,2024 , and
additional information follow: (Click the icon to view the budget.) (Click the icon to view
additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each
of the first three quarters of the year. Compute cost of goods sol the entire nine-month period.
Data table
In the past, cost of goods sold has been 40% of total sales. The director of marketing and the
financial vice president agree that each quarter's ending inventory should not be below $20,000
plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of
$245,000 during the fourth quarter. The January 1 inventory was $35,000.