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Question 7 (9 marks) ABC Company sells picture frames. It is preparing its budget for the months of January and February. It has made the following assumptions: 1) Sales are forecast to be $220,000 for January, $210,000 for February, and $340,000 for March. 2) Cost of goods soid is 37% of sales. 3) Inventory at the end of each month should be 60% of the next month's Cost of goods sold. 4) Inveritory at the beginning of January is $5.700. Part 1: How much inventory (in dollars) should ABC Company purchase in January? A) $122,320 B) $116,204 C) $129,659 D) $140,668 E) $97,856 F) $134,552 G) $171,248 Part 2. How much inventory (in dollars) should ABC Company purchase in Fobruary? A) $117.216 B) $112,954 C) $101,232 D) $85,248 E) 5149,184 F) $122,544 G) $106,560