Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first quarter of Year 2: Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2 (Actual) (Budgeted) (Budgeted) (Budgeted) Cost of goods sold $ 46,000 $ 76,000 $ 96,000 $ 66,000 Desired ending inventory levels are 31% of the following month's projected cost of goods sold. Budgeted purchases of inventory in