Please help, will upvote if complete and correct with working Swenson Electronics sells tablets. Its sales budget for the nine months ended September 30 follows:(Click the icon to view additional information)(Click the icon to view the budget)RequirementPrepare a cost of goods sold, inventory, and purchases budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. (Round amounts to thenearest whole dollar)Swenson ElectronicsCost of Goods Sold, Inventory, and Purchases BudgetFor the Nine Months Ended September 30Quarter EndedCost of goods soldPlus: Desired ending inventoryTotal inventory requiredLess: Beginning inventoryPurchases$Mar 3184,500 $Jun 30117,000 $Nine-MonthTotalSep 30100.750 S302,250 ods solred endintory recinning insoldendingy requirng inverData tableSwenson ElectronicsSales BudgetFor the Nine Months Ended September 30Quarter EndedCash sales, 20%.....Credits sales, 80%Total sales, 100%$More info$Mar 3126,000 $104,000130,000 $Swenson ElectronicsJun 3036,000 $144,000180,000 $Sep 3031,000 $124,000155,000 $Nine-MonthTotal93,000372,000465,000- X-In the past, cost of goods sold has been 65% of total sales. The director ofmarketing and the financial vice president agree that each quarter's endinginventory should not be below $10,000 plus 20% of cost of goods sold for thefollowing quarter. The marketing director expects sales of $250,000 during thefourth quarter. The January 1 inventory was $26,900.- X

The purchase budget is prepared to estimate the cost of purchases during the period. The desired…

Cash sales, 20%....... Credits sales, 80% Total sales, 100% ***** $ More info 26,000 $ 104,000 130,000 $ Swenson Electronics Jun 30 36,000 $ 144,000 180,000 $ Sep 30 31,000 $ 124,000 155,000 $ Total 93,000 372,000 465,000 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 $10,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $26,900. - X

Cash sales, 20%....... Credits sales, 80% Total sales, 100% ***** $ More info 26,000 $ 104,000 130,000 $ Swenson Electronics Jun 30 36,000 $ 144,000 180,000 $ Sep 30 31,000 $ 124,000 155,000 $ Total 93,000 372,000 465,000 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 $10,000 plus 20% of cost of goods sold for the following quarter. The marketing director expects sales of $250,000 during the fourth quarter. The January 1 inventory was $26,900. - X

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 4PA: Budgeted income statement and supporting budgets for three months Bellaire Inc. gathered the...

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