The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $208,000 and February $108,000. Collections for sales are 50% in the month of sale and 50% the next month. Gross margin is 25% of sales Administrative costs are $11,000 each month Beginning accounts receivable is $27,000. Beginning inventory is $15,000. Beginning accounts payable is $74,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 25% of next month's cost of goods sold (COGS). At the end of January, budgeted ending inventory is $27,000 $6750 $20,250 $35,250