Question 1 The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $208,000 and February $105,000 Collections for sales are 60% in the month of sale and 40% the next month. Gross margin is 25% of sales. Administrative costs are $14,000 each month Beginning accounts receivable is $20,000. Beginning inventory is $22,000. Beginning accounts payable is $72,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 30% of next month's cost of goods sold (COGS). For January, budgeted cash collections are $144,800 $124,800 O $20,000 O $208,000