Cave Hardware's forecasted sales for April; May; June; and July are $190,000; $280,000; $130,000; and $230,000; respectively. Sales are 60% cash and 40% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 80% 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 and72% in the following month.

What is the balance of accounts payable on the June 30 budgeted balance sheet at Cave Hardware?

A.

$67,392

B.

$112,000

C.

$93,600

D.

$80,640