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 $85,000. All purchases are made o account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purchase. March $67,500 Sales Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases January February $ 47,500 $65,000 13,000 60,500 (9,500) $51,000 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is