1. Tulloch Company sells mobile phones worldwide. The company expects to sell 4,700 mobile phones for $160 each in January and 4,400 mobile phones for $205 each in February. All sales are cash only. Tulloch expects cost of goods sold to average 60% of sales revenue. The company expects to sell 4,700 mobile phones in March for $260 each. Tulloch's target ending inventory is $15,000 plus 60% of the next month's cost of goods sold. 1. Prepare the sales budget for January and February. 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. 1. Prepare the sales budget for January and February. Tulloch Company Sales Budget For the Months Ended January and February 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. (Round your answers to the nearest dollar.)