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Chu Company provided the following information related to its inventory sales and purchases for December...

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Accounting

Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first quarter of Year 2:

Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2
(Actual) (Budgeted) (Budgeted) (Budgeted)
Cost of goods sold $ 39,000 $ 69,000 $ 89,000 $ 59,000

Desired ending inventory levels are 25% of the following month's projected cost of goods sold. Budgeted purchases of inventory in February Year 2 would be:

$89,000.

$81,500.

$66,500.

$111,000.

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