The following information pertains to the January operating budget for Casey Corporation. Budgeted sales for January $210,000 and February $105,000 Collections for sales are 60% in the month of sale and 40% the next month. Gross margin is 35% of sales. Administrative costs are $15,000 each month. Beginning accounts receivable is $29,000. Beginning inventory is $21,000. Beginning accounts payable is $75,000. (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). For January, budgeted net income is $69,000 $58,500 $73,500 $111,000