Barnes Company purchases raw materials on account each month. Purchases are paid for according to the following schedule: 50% is paid in the month of the purchase 40% is paid in the month following the purchase 10% is paid in the second month following the purchase. Budgeted purchases are as follows: March $75,000; April $90,000; May $85,000. How much will be reported for Accounts Payable for material purchases as of the end of May? Select one: O a. $78,500 O b. $82,000 O c. $51,500 O d. $42,500