Assume a merchandising company's estimated sales for January, February, and March ore $119,000, $139,000, and $129,000, respectively. Its cost or 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 $45.470 $44.280 549,320 $12,330