ABC Company is a brand new company. ABC has budgeted Sales as follows: January $320,000 February $384,000 March $422.400 April $464,640 Cost of Goods Sold is expected to be 60% of Sales and ABC would like to maintain an ending inventory balance equal to 20% of the following month's Cost of Goods Sold. Determine the amount of ending inventory the company will report on its pro forma Balance Sheet at the end of the first quarter. $55,757 $278,784 $50,688 $152,525