Fulton Corporation had sales of $60,000 in January; $80,000 in February; $95,000 in March; $115,000 in April and $145,000 in May. Cost of goods sold has consistently been at 70% of sales. Additionally, Fulton had $15,000 worth of merchandise at the start of January and plans on having inventory on hand worth 35% of next month's cost of goods sold. If all inventory purchases are purchased and paid for in the current month, calculate the amount of inventory purchased and paid for in January. A. $31,715 B. $34,825 C. $49,875 D. $65,100 E. $93,500

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