Bridgettes Boutique has budgeted to make the following material purchases during the next four months:

January $45,600

February $55,000

March $52,300

April $30,800

Bridgette pays for 60% of the purchases in the month of purchase and 40% in the following month.

Accounts payable at the end of March would be:

a. $20,920

b. $39,400

c. $52,300

d. $30,800