(LO 7) 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 14,570 11,390

12,460

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 $6,700. The expected January 31 Accounts Payable balance is:

Multiple Choice

• $6,700.
• $7,285.
• $12,460.
• $6,230.