Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $75,000. All purchases are made on account with 20% of accounts paid in the month of purchase and the remaining 80% paid in the month following the month of purchase. Sales March $62,500 Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory January February $42,500 $55,000 8, 250 50, 750 (8,500) $ 42, 250 Required purchases Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is Multiple Choice $12,875. $51,500. $64,375 None of the answers is correct