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Homework: Ch.7 Learning Objective 5 Save Score: 0 of 20 pts 2 of 2 (1 complete) HW Score: 41.18%, 14 of 34 pts SM7-14 (similar to) Question Help Victors Company expects to sell 8,000 units for $190 each for a total of $1,520,000 in January and 3,200 units for $220 each for a total of $704,000 in February. The company expects cost of goods sold to average 50% of sales revenue, and the company expects to sell 4,400 units in March for $200 each. Victors' target ending inventory is $18,000 plus 60% of the next month's cost of goods sold. Prepare Victors' inventory, purchases, and cost of goods sold budget for January and February. Victors Company Inventory, Purchases, and Cost of Goods Sold Budget Two months Ended January 31 and February 28 January February Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases