43) Margaret Company has the following information:

Month Budgeted Purchases

January $26,800

February 29,000

March 30,520

April 29,480

May 27,680

Purchases are paid as follows:

10% in the month of purchase

50% one month after purchase

40% two months after purchase

What is the expected balance in Accounts Payable on May 31?

A) $2,948

B) $11,792

C) $24,912

D) $36,704 this is the correct answer. Please explain why and how you use all the percentages.