Concord Company estimates that 2022 sales will be $44,800 in quarter 1, $53,760 in quarter 2, and $64,960 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.