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 $70,000. All purchases are made on account with 25% of eccounts 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 January February March $40,000 $50,000 $60,000 10,000 50,000 (8,000) $42,000 Based on this information the total cash paid in March to settle accounts payable is