Gila Industries' budgeted monthly sales for the first quarter are as follows: January $120,000. February $260,000, and March $240,000. The company's policy is to set selling prices to earn a 40% gross profit on sales revenue and to maintain an ending inventory balance equal to 30% of the next month's cost of goods sold. What is the budgeted amount of inventory purchases for the month of February? $148,800$152,400$156,000$159,600 None of the above