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Assume a merchandising company's estimated sales for January, February, and March are $102,000, $122.000, and $112,000, respectively. Its cost of goods sold is always 35%

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Assume a merchandising company's estimated sales for January, February, and March are $102,000, $122.000, and $112,000, respectively. Its cost of goods sold is always 35% of its sales. The company always maintains ending merchandise inventory equal to 20% of next month's cost of goods sold. What are the required merchandise purchases for January? $42,460 $37,100 $34,300 $42,700

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