Assume a merchandising company's estimated sales for January, February, and March are $103,000, $123,000, and $113,000, 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 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 $45,970 $21780 $44.940 550.820