ABC Company provides the following data for next year: The gross profit rate is 30% of sales. Inventory at the end of December is $29,600 and target ending inventory levels are 5% of next month's sales, stated at cost of goods sold. What is the amount of purchases budgeted for January? Instructions: Round your answer to the nearest dollar, and do not include cents, commas or dollar sign. For example: if the answer is 10000 simply write 10000 (and NOT $10,000,$10,000.00 or 10000.00 )