Santana Music Company sells various musical Instruments. The purchasing department manager prepared the inventory purchases budget. Santana's policy is to maintain an ending inventory balance equal to 15% of the following month's cost of goods sold January's budgeted cost of goods sold is $165,000. October November December Budgeted Cost of Goods Sold 155,000 135,000 145,000 Plus: Desired Ending Inventory Inventory Needed 20,250 ? 7 175,250 7 7 Less: Beginning Inventory 23,250 7 7 Required purchases (on Account) 152,000 7 7 What would be the required purchases (on account) for December