0:00 / 9:52 1x Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $75,000. All purchases are made on account with 20% of accounts paid in the month of purchase and the remaining 80% paid in the month following the month of purchase. Sales January February March Budgeted cost of goods sold $42, 500 $55,000 $62,500 Plus: Desired ending inventory 8,250 Inventory needed 50,750 Less: Beginning inventory (8,500) Required purchases $42, 250 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is