Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $75,000. Sales March January February $ 42,500 $55,000 8,250 $62,500 Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory 50,750 (8,500) Required purchases $ 42,250 Based on this information the total amount of expected purchases for February is Multiple Choice X $42,250. $64,375. $56,125. None of the answers is correct