Assume a merchandising company's estimated sales for January, February, and March are $116,000,$136,000, and $126,000, respectlvely. 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 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 $57,120 $16,140 $58,280 $64,560