Q24

Marigold, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $300900 $289000 $319500 $280400 $209400 Budgeted purchases $144900 $120500 $128200 $131600 $90100 . . Customer amounts on account are collected 60% in the month of sale and 40% in the following month. Cost of goods sold is 55% of sales. Marigold purchases and pays for merchandise 45% in the month of acquisition and 55% in the following month. Operating expenses are: Salaries, $50400; Depreciation, $11600; Rent, $15500; and Utilities, $13300, Accounts payable is used only for inventory acquisitions. How much is Marigold's budgeted balance for Accounts Payable at May 31, 2022? $124735 O $66275 O $70510 $57690