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How much is the budgeted balance for accounts payable

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Reference no: EM133157655

Question - Sunland Company reported the following information for 2016:

 

October

November

December

Budgeted sales

$450000

$420000

$530000

Budgeted purchases

$230000

$246000

$278000

Cost of goods sold is 35% of sales.

Sunland 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.

Required - How much is the budgeted balance for Accounts Payable at October 31, 2016?

Reference no: EM133157655

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