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General, Inc. has prepared the following direct materials purchases budget: Month Budgeted DM Purchases June $67,000 July 73,000 August 76,600 September 79,100 October 74,600 All
General, Inc. has prepared the following direct materials purchases budget:
Month | Budgeted DM Purchases |
June | $67,000 |
July | 73,000 |
August | 76,600 |
September | 79,100 |
October | 74,600 |
All purchases are paid for as follows:
40% in the month of purchase, 50% in the following month, and 10% two months after purchase. Calculate budgeted balance of accounts payable at the end of October.
A.$7,910
B.$44,760
C.$52,670
D.$15,370
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