Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $73,000. Sales Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases January February March $41,500 $53,000 $61,500 10,600 52,100 (8,300) $43,800 Based on this information the total amount of expected purchases for February is Multiple Choice $43,800 $63,800 $54,700. None of the answers is correct Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $73,000. All purchases are made on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purchase. Sales January February March Budgeted cost of goods sold $41,500 $53,000 $61,500 Plus: Desired ending inventory 10,600 Inventory needed 52,100 Less: Beginning inventory: (8,300) $43,800 Required purchases Based on this information the total cash paid in March to settle accounts payable is Mutiple Choice O $41,025 $15.950 $63,800 $56,075 Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $73,000. All purchases are made on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purchase. Sales Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory. Required purchases March January February $41,500 $53,000 $61,500 10,600 52,100 (8,300) $43,800 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is Multiple Choice $15.950 $47,850 $63,800 None of the answers is correct