Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department manager prepared the inventory purchases udget. Sentra'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 $160,000. Budgeted Cost of Goods Sold Plus: Desired Ending Inventory Inventory Needed Less: Beginning Inventory. Required purchases (on Account) October November December 150,000 130,000 140,000 19,500 7 ? 169,500 ? 2 22,500 7 2 147,000 ? 2 What is the amount of cost of goods sold the company will report on its fourth quarter pro forma income statement? What is the amount of cost of goods sold the company will report on its fourth quarter pro forma income statement? Multiple Choice $453,900 $280,000 $140,000 $420,000