3. Warm Hands sells its motorcycle gloves worldwide. Warm Hands expects to sell 2,000 pairs of gloves for $85 each in January and 1,500 pairs of gloves for $120 each in February. All sales are cash only. Warm Hands expects cost of goods sold to average 65% of sales revenue and the company expects to sell 2,500 pairs of gloves in March for $125 each. Warm Hands' target ending inventory is $10,000 plus 50% of the next month's cost of goods sold.

i. Prepare the sales budget for January and February.

ii. Prepare Warm Hands' inventory, purchases, and cost of goods sold budget for January and February.