Tulloch Company sells mobile phones worldwide. The company expects to sell 4,500 mobile phones for $180 each in January and 4,000 mobile phones for $220 each in February. All sales are cash only. Tulloch expects cost of goods sold to average 50% of sales revenue. The company expects to sell 4,600 mobile phones in March for $300 each. Tulloch's target ending inventory is $10,000 plus 60% of the next month's cost of goods sold. 1. Prepare the sales budget for January and February. 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. Unit sales (mobile phones) Multiply by: Unit selling price Total sales revenue 4,500|| 4,000 180 220 810,000 880,000 1,690,000 2. Prepare the company's cost of goods sold, inventory, and purchases budget for January and February. (Round your answers to the nearest dollar. Tulloch Company Inventory, Purchases, and Cost of Goods Sold Budget For the Months Ended January and February Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory Purchases January February