COTB MC Qu. 8-40 (Algo) Assume a merchandising companys estimated sales... Assume a merchandising company's estimated sales for January, February, and March are $109,000, $129,000, and $119,000, respectively. Its cost of goods sold is always 30% of its sales. The company always maintains ending merchandise inventory equal to 20% of next month's cost of goods sold. What are the required merchandise purchases for January? Multiple Choice $39,130 $38,700 $31,500 $33,900