Summit Company expects to sell 7,000 units for$155 each for total of $1,085,000...

Summits Company expects to sell 7,000 units for $155 each for a total of $1,085,000 in January and 3,500 units for $205 each for a total of $717,500 in February. The company expects cost of goods sold to average 70% of sales revenue, and the company expects to sell 4,500 units in March for $290 each. Summits' target ending inventory is $15,000 plus 60% of the next month's cost of goods sold. Prepare Summits' inventory, purchases, and cost of goods sold budget for January and February February Summits Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases