Blake Sodas, Inc. has budgeted direct materials inventory purchases as follows: October: $345,000 November: $370,000 December: $440,000 Blake Sodas, Inc. pays for 10% of their purchases during the month of purchase, 70% during the month following the purchase, and the remaining 20% two months after the month of purchase. What is the budgeted accounts payable balance on December 31?