Assume a merchandising company's estimated sales for January, February, and March are $107.000, $127.000. and $117.000. respectively. Its cost of goods sold is always 60% 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 $53,280 $15.000 $54,350