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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 $
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 | $ 12,640 | $ 14,750 | $ 11,570 | ||||
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 $7,000. The expected January 31 Accounts Payable balance is
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