Assume a merchandising company's estimated sales for January, February, and March are $118,000, $138,000, and $128,000, respectively. Its cost of goods sold is always 35% of its sales. The company always maintains ending merchandise inventory equal to 20% of next month's cost of goods sold. It pays for 25% of its merchandise purchases in the month of the purchase and the remaining 75% in the subsequent month. What is the accounts payable balance at the end of February? Multiple Choice $33,205 O $32,025 O $11,900 O O $35,700