Climber Company expects to sell 8,000 units for $180 each for a total of $1,440,000 in January and 2,800 units for $230 each for a total of $644,000 in February. The company expects cost of goods sold to average 50% of sales revenue, and the company expects to sell 5,000 units in March for $230 each. Climber's target ending inventory is $18,000 plus 50% of the next month's cost of goods sold. Prepare Climber's inventory, purchases, and cost of goods sold budget for January and February. Climber Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January February Cost of goods sold $ 720,000 Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases