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 13,240 1350 12,170 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 $8,000. The expected January 31 Accounts Payable balance is: Multiple Choice $8,000. $7,675. 57675. 56,620. $6,620. $10,620. $13,240