Coronet Company provided the following information related to its inventory sales and purchases for December 2013 and the first quarter of 2014: Dec. 2013 Jan. 2014 Feb. 2014 Mar. 2014 (Actual) (Budgeted) (Budgeted) (Budgeted) Cost of goods sold $42,000 $72,000 $92,000 $62,000 Desired ending inventory levels are 27% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February 2014 would be: Multiple Choice $91,400. $112,420. $70,100. $83,900.

Coronet Company provided the following information related to its inventory sales and purchases for December 2013 and the first quarter of 2014: Dec. 2013 (Actual) Jan. 2014 (Budgeted) $72,000 Feb. 2014 (Budgeted) Mar. 2014 (Budgeted) $62.000 Cost of goods sold $42,000 $92,000 Desired ending inventory levels are 27% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February 2014 would be: Multiple Choice o $91,400. O $112,420. o $70,100. O $83,900