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 Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases January February March $42,500 $55,000 $62,500 8,250 50,750 (8,500) $42,250 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is