Assume a merchandising company's estimated sales for January, February, and March are $120,000,$140,000, and $130,000. respectively. Its cost of goods sold is always 55% of its sales. The company always maintains ending merchandise inventory equal to 30% of next month's cost of goods sold. It pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% in the subsequent month. What is the accounts payable balance at the end of February? Multiple Choice $52,745 $48,510 $22,605 $49,710 Assume a merchandising company's estimated sales for January, February, and March are $120,000,$140,000, and $130,000. respectively. Its cost of goods sold is always 55% of its sales. The company always maintains ending merchandise inventory equal to 30% of next month's cost of goods sold. It pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% in the subsequent month. What is the accounts payable balance at the end of February? Multiple Choice $52,745 $48,510 $22,605 $49,710