Mimosa, Inc., a merchandising company, has the following budgeted figures: Sales Cost of goods sold $54,500 50% of sales $20,000 + 20% of next month's Required ending inventory sales Inventory on hand on Jan 1 $27,000 $62,000 Calculate cost of goods sold for the month of February. . $31,000 . $12,400 . $32,650 . $27,250 m $86,000 Aprj $96,000