Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months Material purchases January $ 12, 340 February March $ 14,450 $ 11,270 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 budgeted cash payments for materials in January are: Multiple Choice $9.420. $12.670 Help Save & Exit $9.420 $12.670 $13,395 $18,840 $6,500