Friendship Bracelet Company purchases their inventory from local suppliers. If Friendship estimates sales of $770,000 in October, $800,000 in November and $960,000 in December. They expect sales of $620,000 for January. Friendship will set their selling prices in order to generate a 55% gross profit. If the company desires an ending inventory equal to 10% of the next month's cost of goods sold, What will be the amount of inventory the company needs to purchase for the month of December? $367,200 $382,500 $403,200 $416,700

Friendship Bracelet Company purchases their inventory from local suppliers. If Friendship estimates sales of $770,000 in October, $800,000 in November and $960,000 in December. They expect sales of $620,000 for January. Friendship will set their selling prices in order to generate a 55% gross profit. If the company desires an ending inventory equal to 10% of the next month's cost of goods sold, What will be the amount of inventory the company needs to purchase for the month of December? $367,200 $382,500 $403,200 $416,700