Peno-1258 Corporattion's sales budget for the first half of the year is as follows: Budgeted Sales January $120,000 February $200,000 March $220,000 April $250,000 May $220,000 June $320,000 Total: $1,330,000 The company's cost of goods sold is 65% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 50% of the next month's cost of goods sold. Payment for merchandise is made in the month that follows the month of purchase. What is the budgeted balance in the Accounts Payable account as of May 31? Multiple Choice $152,750 $175,500 $235,000 $270,000