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How much is the budgeted balance for accounts payable

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Question - Correy Company reported the following information for 2013:

October November December

Budgeted sales $460,000 $440,000 $540,000

Budgeted purchases$240,000 $256,000 $288,000

  • Cost of goods sold is 35% of sales.
  • Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
  • Accounts payable is used only for inventory acquisitions.

How much is the budgeted balance for Accounts Payable at October 31, 2013?

A. $204,000

B. $96,000

C. $144,000

D. $102,400

Reference no: EM131806596

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