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 (Actual) $42,000 Jan. Year 2 (Budgeted) $72,000 Feb. Year 2 (Budgeted) $92,000 Mar. Year 2 (Budgeted) $62,000 Cost of goods sold Desired ending inventory levels are 27% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February Year 2 would be: Multiple Choice $91,400 Compton Company expects the following total sales: Month March April May June Sales $22,000 $12,000 $32,000 $17,000 The company expects 70% of its sales to be credit sales and 30% for cash. Credit sales are collected as follows: 25% in the month of sale, 75% in the month following the sale. The budgeted accounts receivable balance on May 31 is: Multiple Choice