City of Bowie Company's direct materials budget shows the following cost of materials to be purchased for the coming three months. January February March Material purchases $14,040 $14150 $10,970 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $6,500. The expected January 31 Accounts Payable balance is: Multiple Choice LO $7020 $6,500 $6,020 None of these $7,075, Drau