Assume a merchandising companys estimated sales for January, February, and March are $101,000, $121,000, and $111,000, respectively. Its cost of goods sold is always 30% of its sales. The company always maintains ending merchandise inventory equal to 10% of next months cost of goods sold. What are the required merchandise purchases for January?

Multiple Choice $33,740 $30,900 $29,700 $36,300