Buying a 360, not sure exactly what to get for the setup

Hey, Im planning on buying a 360 shortly, and I was wondering what would be a setup for it.

What Im looking for is:

A decent monitor good for a 360. Price should be around 200 but will extend to 300 if necesary

What to use for speakers, I know that you need to plug in the audio cables to them, so I dont know what to buy. Price really shouldn't be more then 50$.

If someone could show me their input on what to buy (online or in store) I would appreciate it.

Thanks!