Tulloch Company sells mobile phones worldwide. The company expects to sell 4,200 mobile phones for $180 each in January and 3,700 mobile phones for $200 each in February. All sales are cash only. Tulloch Tulloch expects cost of goods sold to average 50% of sales revenue. The company expects to sell 4,000 mobile phones in March for $280 each. Tulloch's Tulloch's target ending inventory is $17,000 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.