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	$	47,000			$	77,000			$	97,000			$	67,000

Desired ending inventory levels are 25% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February Year 2 would be:

• $111,520.

• $89,500.

• $76,600.

• $94,900.