Question 2 of 7 0.42/1 E Current Attempt in Progress Your answer is partially correct Ayayai Company estimates that 2017 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 12% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2017 AYAYAI COMPANY Merchandise Purchases Budget For the Six Months Ending June 30, 2017 : Quarter 1 2 Budgeted Cost of Goods Sold 30000 Add : Desired Endinit Merchandise Inventory 2400 2900 Total 2 22400 26900 AL Besinnin Merchandise Inventory 2000 200 20100 Required Merchandise Purchase 24500 $