The following information pertains to the January operating budget for Casey Corporation. 1 Budgeted sales for January $202000 and February $100,000 Collections for sales are 50% in the month of sale and 50% the next month. Gross margin is 25% of sales. Administrative costs are $15,000 each month Beginning accounts receivable is $24,000 Beginning inventory is $18,000 Beginning accounts payable is $72,000. (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 O $75,000 $72,000 $35.500 $100,000