SanTin Ltd. estimates that 2020 sales will be HK$400,000 in quarter 1, HK$480,000 in quarter 2, and HK$580,000 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.