231000 Question 2 (18 points) Grippers expects cost of goods sold to average 65% of the current month's sales 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 plus the sales budget from Question 1 to prepare Grippers' inventory, purchases, and cost of goods sold budget for January and February. In addition, indicate what the total cost of goods sold will be for the 2 months. HINT: the beginning inventory is the "trick" in this question. Think about this carefully before answering! Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Required: Cost of goods sold for January is $ Cost of goods sold for February is $ Jonathan Schlater: Attempt 1 Required: Cost of goods sold for January is $ Cost of goods sold for February is $ A/ Total cost of goods sold for the 2 month is $ AJ Desired ending inventory for January is $ Desired ending inventory for February is $ Beginning inventory for January is $ Beginning inventory for February is $ Purchases for January are $ Purchases for February are $ A Question 3 (10 points) 231000 Question 2 (18 points) Grippers expects cost of goods sold to average 65% of the current month's sales 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 plus the sales budget from Question 1 to prepare Grippers' inventory, purchases, and cost of goods sold budget for January and February. In addition, indicate what the total cost of goods sold will be for the 2 months. HINT: the beginning inventory is the "trick" in this question. Think about this carefully before answering! Remember to enter numeric amounts without a $ or , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Required: Cost of goods sold for January is $ Cost of goods sold for February is $ Jonathan Schlater: Attempt 1 Required: Cost of goods sold for January is $ Cost of goods sold for February is $ A/ Total cost of goods sold for the 2 month is $ AJ Desired ending inventory for January is $ Desired ending inventory for February is $ Beginning inventory for January is $ Beginning inventory for February is $ Purchases for January are $ Purchases for February are $ A Question 3 (10 points)