The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $210,000 and February $106,000. Collections for sales are 60% in the month of sale and 40% the next month. Gross marg in is 35% of sales. Administrative costs are $12,000 each month. Beginning accounts receivable is $27,000. Beginning inventory is $14,000 Beginning accounts payable is $66,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 30% of next month's cost of goods sold (COGS). For January, budgeted cost of goods sold is $105,690 $136,500 $122,500 $210,000