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Smith, 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 sold for the entire nine-month period. Smith, Inc. Inventory, Purchases, and Cost of Goods Sold Budget r 30, 2024 More info 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 $220,000 during the fourth quarter. The January 1 inventory was $37,000. Solution