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Cave Hardware's forecasted sales for April; May; June; and July are $170,000; $300,000; $110,000; and $270,000; respectively. Sales are 70% cash and 30% credit with
Cave Hardware's forecasted sales for April; May; June; and July are $170,000; $300,000; $110,000; and $270,000; respectively. Sales are 70% cash and 30% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at $55,000 plus 10% of the following month's cost of goods sold. All inventory purchases are paid 28% in the month of purchase and 72% in the following month. What is the balance of accounts payable on the June 30 budgeted balance sheet at Cave Hardware? O A. $79,200 O B. $68,040 OC. $94,500 OD. $53,460
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