Lily Company estimates that 2022 sales will be $44,000 in quarter 1,$52,800 in quarter 2 , and $63,800 in quarter 3 . Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of

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Lily Company estimates that 2022 sales will be $44,000 in quarter 1,$52,800 in quarter 2 , and $63,800 in quarter 3 . Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. LILY COMPANY Merchandise Purchases Budget

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