Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 10% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $71,000. Sales January February March Budgeted cost of goods sold $ 40,500 $ 51,000 $ 60,500 Plus: Desired ending inventory 5,100 Inventory needed 45,600 Less: Beginning inventory (4,050) Required purchases $ 41,550 Based on this information the total amount of expected purchases for February is Multiple Choice $41,550. $61,550. $51,950. None of the answers is correct.