Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material purchases $ 12,880 $ 14,990 $ 11,810 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 $7,400. The expected January 31 Accounts Payable balance is: Multiple Choice $7,495. $10,140. $6,440. $12,880. $7,400