Gadgets Galore Company sells mobile phones worldwide. The company expects to sell 4,800 mobile phones for $160 each in January and 4,400 mobile phones for $215 each in February. All sales are cash only. Gadgets Galore expects cost of goods sold to average 70% of sales revenue. The company expects to sell 4,000 mobile phones in March for $250 each. Gadgets Galore's target ending inventory is $12,000 plus 50% of the next month's cost of goods sold. 1. Prepare the sales budget for January and February. 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. 1. Prepare the sales budget for January and February. Gadgets Galore Company Sales Budget For the Months Ended January and February Unit sales (mobile phones) Multiply by: Unit selling price Total sales revenue January February Total 4800 160 768000 4400 215 946000 1714000 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. (Round your answers to the nearest dollar.) Gadgets Galore Company Inventory, Purchases, and Cost of Goods Sold Budget For the Months Ended January and February Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases January 537600 343100 February 662200