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 margin 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 $136,500 $105,690 $122,500 $210,000