Which of the following inventory valuation approaches treats nonmanufacturing costs as period costs? Absorption Variable None of the above Both absorption and variable Question 13 (4 points) Jewelry Company has a sales budget for next month of $200,000. Cost of goods sold is expected to be 25 percent of sales. All goods are paid for in the month following purchase. The beginning inventory of merchandise is $20,000, and an ending inventory of $24,000 is desired. Beginning accounts payable is $206,500. The cost of goods sold for next month is expected to be: $50,000 $75,000 $80,000 $160,000