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Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: JanuaryFebruaryMarchMaterial purchases$ 12,520$ 14,630$ 11,450 Payments

Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months:

JanuaryFebruaryMarchMaterial purchases$ 12,520$ 14,630$ 11,450

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 $6,800. The budgeted cash payments for materials in January are:

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