Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January $ 13,060 February $ 15,170 March $ 11,990 Material purchases 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 $7,700. The budgeted cash payments for materials in January are: Multiple Choice $7,700 $14,230. O $10,380 $14,115 $20,760