Outdoor Company expects to sell 4,000 units for $155 each for a total of $620,000 in January and 2,000 units for $180 each for a total of $360,000 in February. The company expects cost of goods sold to average 60% of sales revenue, and the company expects to sell 4,200 units in March for $300 each. Outdoor's target ending inventory is $17,000 plus 40% of the next month's cost of goods sold. Prepare Outdoor's inventory, purchases, and cost of goods sold budget for January and February. Outdoor Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January February Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases