Assume a merchandising company's estimated sales for January, February, and March are $113,000, $133,000, and $123,000, respectively. Its cost of goods sold is always 45% of its sales. The company always maintains ending merchandise inventory equal to 20% of next month's cost of goods sold. It pays for 20% of its merchandise purchases in the month of the purchase and the remaining 80% in the subsequent month. What is the accounts payable balance at the end of February? Multiple Choice $42,120 $11,790 $43,250 $47,160