1. Normally, when buying a business, the seller: does not sign a restrictive covenant. notifies creditors 10 days prior to the sale of the business. cannot assign his credit arrangements with suppliers to the buyer. has little formal role or obligation in preparing documents and information necessary to the sale.

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?