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Aretes Company expects to sell 6,000 units for S155 each for a total of sg30,000 in January and 3,500 units for S220 each for a total of S770,000 in February. The company expects cost of goods sold to average 50% of sales revenue, and the company expects to sell 4,600 units in Merch for S250 each. Aretes' target ending inventory is Sl 11000 plus 60% of the next month's cost of goods soll Prepare Aretes' inventory, purchases, and cost of goods sold budget for January and February! Aretes Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January February Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases