Packers Company expects to sell 9,000 units for $150 each for a total of $1,710,000 in January and 4,000 units for $185 each for a total of $740,000 in February. The company expects cost of goods sold to average 70% of sales revenue, and the company expects to sell 4,600 units in March for $250 each. Packers' target ending inventory is $18,000 plus 50% of the next month's cost of goods sold Prepare Packers' inventory, purchases, and cost of goods sold budget for January and February Packers Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 23 January Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases February