Continuation of S10-3: inventory, purchases, and cost of goods sold (Learning Objective 2)

In S10-3, Grippers expects cost of goods sold to average \(65 \%\) of sales revenue and the company expects to sell 4,300 pairs of shoes in March for \(\$ 240\) each. Grippers' target ending inventory is \(\$ 10,000\) plus \(50 \%\) of the next month's cost of goods sold. Use this information and the sales budget from \(\mathrm{S} 10-3\) to prepare Grippers' inventory, purchases, and cost of goods sold budget for January and February.