Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 10% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $89,000. 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. March $69,500 Sales Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases January February $49,500 $69,000 6,900 56,400 (9,900) $46,500 Based on this information the total cash paid in March to settle accounts payable is Multiple Choice $55,240. $14,290. x $71,450