Quinn Company sells mobile phones worldwide. The company expects to sell 4,500 mobile phones for $160 each in January and 3,900 mobile phones for $200 each in February. All sales are cash only. Quinn expects cost of goods sold to average 60% of sales revenue. The company expects to sell 5,000 mobile phones in March for $240 each. Quinn's target ending inventory is $16,000 plus 60% of the next month's cost of goods sold.

1. Prepare the sales budget for January and February.

2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February.

1. Prepare the sales budget for January and February.

Quinn Company
Sales Budget
For the Months Ended January and February
	January	February	Total
Unit sales (mobile phones)
Multiply by: Unit selling price
Total sales revenue

2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. (Round your answers to the nearest dollar.)

Quinn Company
Inventory, Purchases, and Cost of Goods Sold Budget
For the Months Ended January and February
	January	February
Cost of goods sold
Plus: Desired ending inventory
Total inventory required
Less: Beginning inventory
Purchases