The following information pertains to the January operating budget for Casey Corporation. - Budgeted sales for January $200,000 and February $100,000. - Collections for sales are 60% in the month of sale and 40% the next month. - Gross margin is 30% of sales. - Administrative costs are $10,000 each month. - Beginning accounts receivable is $20,000. - Beginning inventory is $14,000. - Beginning accounts payable is $65,000. (All from inventory purchases.) - Purchases are paid in full the following month. - Desired ending inventory is 20% of next month's cost of goods sold (COGS). For January, budgeted cash payments for purchases are $70,000 $50,000 $100,000 $65,000 none of the above