Zeller Company estimates that 2020 sales will be $38,200 in quarter 1, $46,200 in quarter 2, and $60,400 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 six months of 2020. ZELLER COMPANY Merchandise Purchases Budget For the Two Quarters Ending June 30, 2020 Quarter 1 2 Budgeted Cost Of Goods Sold Desired Ending Merchandise Inventory de % de %