) Wallace Company provides the following data for next year: Month Budgeted Sales January $120,000 February 108,000 March 140,000 April 147,000 The gross profit rate is 35% of sales. Inventory at the end of December is $29,600 and target ending inventory levels are 10% of next month's sales, stated at cost. What is the amount of purchases budgeted for January? Group of answer choices $55,420 $70,980 $78,000 $85,020