Sullivan Electronics sells tablets, its sa'es budget...
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Sullivan Electronics sells tablets, its sa'es budget for the nine months ended September 30 follows: (Click the icon to vew the budget) (i) (Click the icon to view adistional information:) Requirement Prepare a cost of poods sold, inventory, and purchases budgot for each of the first thrue quarters of the year. Compute cost of goods sold for the entire nine-month penod. (Round amounts to the nearest whole doltary More info In the past, cost of goods sold has been 65% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $15,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $210,000 during the fourth quarter. The Januart 1 inventory was $22,150. Data table
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