The following information pertains to the January operating budget for Murphy Corporation, a retailer: Budgeted sales are $206,000 for January Collections of sales are 50% in the month of sale and 50% the next month Cost of goods sold averages 61% of sales Merchandise purchases total $160,000 in January Marketing costs are $3,600 each month Distribution costs are $6,000 each month Administrative costs are $10,000 each month For January, budgeted gross margin is OA. $125,660 OB. $103,000 OC. $46,000 OD. $80,340