19.Suppose a company's cost of goods sold for years 2 and 3 were $222,480 and $238,490 respectively. Also suppose that the accounts payable had a balance of $22,770 at the end of year 1, $23,116 at the end of year 2, and $24,098 at the end of year 3. If the annual growth in total revenues is 5.06% for the foreseeable future, calculate the forecasted accounts payable balance at the end of year 5. Assume the same accounts payable turnover in all future years as that in year 3 calculated using cost of goods sold and the average payable balances. Also assume the same gross margin % in all future years as that in year 3. Note that year 3 is the latest year with reported results, while years 4 onwards are all forecasted years.

Question 19 options: $25,943 $26,608 $27,273 $27,938 $28,604