acct 1020

Assume a merchandising company's estimated sales for January. February, and March are $104,000,$124,000, and $114,000, respectively. Its cost of goods sold is always 60% of its sales. The company always maintains ending merchandise inventory equal to 15% of next month's cost of goods sold. It pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% in the subsequent. month. What is the accounts payable balance at the end of February? Mulriple Choice $51.450 $45,980 $44,940