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Question - Marigold, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are:
March
April
May
June
July
Budgeted sales
$300900
$289000
$319500
$280400
$209400
Budgeted purchases
$144900
$120500
$128200
$131600
$90100
Customer amounts on account are collected 60% in the month of sale and 40% in the following month.
Cost of goods sold is 55% of sales.
Marigold purchases and pays for merchandise 45% in the month of acquisition and 55% in the following month.
Operating expenses are: Salaries, $50400; Depreciation, $11600; Rent, $15500; and Utilities, $13300.
Accounts payable is used only for inventory acquisitions.
Required - How much is Marigold's budgeted balance for Accounts Payable at May 31, 2022?
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