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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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