ABC Department Store (a merchandiser) budgeted the following for the second quarter: April May June Sales $665,000 $630,000 $595,000 Less: Cost of Goods Sold 266,000 252.000 238,000 Gross Profit $399,000 $378,000 $357,000 The company's gross profit percentage is 60% and inventory balances are maintained at 30% of next month's sales, stated at cost. 15. The Inventory balance at May 31 is budgeted to be: a. $102,000. b. $30,600 c. $75,600 d. $71,400. 16. What dollar amdunt of inventory should ABC Department Store plan to purchase in May? a. $106,200. b. $247,800. c. $176,400 d. $75,500