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 $79,000. 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 January February March $44,500 $59,000 $64,500 Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases 11,800 56,300 (8,900) $47,400 Based on this Information the amount of accounts payable appearing on the March 31 pro forma balance sheet is Multiple Choice $16,850. $50.550 $67,400