Question 2 View Policies Current Attempt in Progress Sheffield Company estimates that 2017 sales will be $40,500 in quarter 1, $52,000 in quarter 2, and $59,100 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have er goods inventory equal to 20% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2017. SHEFFIELD COMPANY Merchandise Purchases Budget Quarter Six Months