O'Hare Company is in the process of preparing a purchases budget for the first quarter of Year 2. The company has budgeted sales as follows: Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2 $61,000 $63,500 $68,000 $78,500 Cost of goods sold is expected to be 75% of sales. The company would like to have ending inventory each month equal to 25% of the following month's predicted cost of sales. The total cost of purchases required for January, Year 2. would be