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 Aprilis 571000. 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 March $60,500 January February $40,500 $51,000 5,100 45,600 (8,180 $37,500 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is Multiple Choice UG04