Metro, Inc. sells backpacks. The Company's accountant 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 amount of accounts payable appearing on the March 31 pro forma balance sheet is Multiple Choice O $14,290. $57,160 O $71.450 O None of the answers is correct