Assume a merchandising companys estimated sales for January, February, and March are $112,000, $132,000, and $122,000, respectively. Its cost of goods sold is always 60% of its sales. The company always maintains ending merchandise inventory equal to 30% of next months 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 $56,640 $15,480 $57,760 $61,920