Acme Company's budgeted monthly sales are as follows: July $450,000, August $600,000, and September $620,000. Sales are 10% cash and 90% on account. Acme collects all its accounts receivable in the month following the sale. Cost of goods sold is budgeted at 75% of sales revenue. Acme maintains an ending inventory balance equal to $40,000, plus 30% of the next month's cost of goods sold. All inventory purchases are paid 10% in the month of purchase and 90% in the following month. What is the budgeted accounts payable balance on August 31? $318,150 $363,600 $409,050 $454,500 None of the above