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Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first quarter of Year 2. Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2 (Actual) (Budgeted) (Budgeted) (Budgeted) $ 30,000 $ 60,000 $ 80,000 $50,000 Cost of goods sold Desired ending inventory levels are 25% of the following month's projected cost of goods sold. Budgeted purchases of Inventory in February Year 2 would be: Multiple Choice $85 800 577.300 $72.500 o 560 200