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 total cash paid in March to settle accounts payable is Multiple Choice $44,900. $12,875. $64,375. $57,775