The following information pertains to the January operating budget for Casey Corporation.

Budgeted sales for January $209,000 and February $108,000.

Collections for sales are 50% in the month of sale and 50% the next month.

Gross margin is 30% of sales.

Administrative costs are $13,000 each month.

Beginning accounts receivable is $28,000.

Beginning inventory is $16,000.

Beginning accounts payable is $70,000. (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 ________.

Group of answer choices

$108,000

$75,600

$70,000

$49,700