Assume that a company provided the following information and assumptions from its master budget: Sales budget: Unit sales in June, July, and August are 20,000, 18,000, and 17,000, respectively. The selling price per unit is $80. All sales are on account. 20% of sales are collected in the month of sale and 80% are collected in the next month. Production budget: The ending finished goods inventory is always 25% of next months unit sales. Direct materials budget: Each unit of finished goods requires 3 pounds of raw material that cost $2.00 per pound. The ending raw materials inventory is always 30% of next months production needs. 40% of raw material purchases are paid in the current and the remainder is paid in the following month. What is the budgeted accounts payable balance at the end of June?

Multiple Choice

• $46,310 Incorrect

• $56,410Incorrect

• $66,310

• $68,310