Outdoor Company expects to sell 7,500 units for $165 each for a total of $1,237,500 in January and 4,500 units for $215 each for a total of $967,500 in February. The company expects cost of goods sold to average 60% of sales revenue, and the company expects to sell 5,000 units in March for $250 each. Outdoor's target ending inventory is $18,000 plus 50% of the next month's cost of goods sold. Prepare Outdoor's inventory, purchases, and cost of goods sold budget for January and February. February Outdoor Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases