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 follow Dec. Year 1 $53,000 Jan. Year 2 $55,500 Feb. Year 2 560.000 Mar. Year 2 $70,500 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 Multiple Choice $42.469 $20,000 $55,500 $53,000