K&I, Inc., has estimated budgeted sales for January to be $56,200 and for February to be $68,000. Cost of goods sold is typically 50% of sales. They require $10,000 + 20% of next month's sales to be in ending inventory at the end of the month. There was $27,000 of inventory on hand on January 1. Calculate the budgeted purchases for the month of January $23,600 $51,700 $4,500 $24.700