Question 5 . . . The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $210,000 and February $106,000. Collections for sales are 60% in the month of sale and 40% the next month. Gross marg in is 35% of sales. Administrative costs are $12,000 each month. Beginning accounts receivable is $20,000 Beginning inventory is $ 22,000. Beginning accounts payable is $65,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 20% of next month's cost of goods sold (COGS). For January, budgeted cash payments for purchases are $106,000 $65,000 $68,900 $61,500