Assume a merchandising company's estimated sales for January, February, and March are $114,000, $134,000, and $124,000, 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? Multiple Choice $47,620 $41,300 $38,500 $46,900