Question 11 Sahara Wholesaler Ine's monthly sales budget is as follows: April $230,000. May $210,000, and me $240,000 Sahara's sales are 60% cash and 40% on account, Sahara collects all its accounts receivable in the month following the sale. Cost of goods sold is 70% of sales revenue. Sahara maintains an ending inventory balance equal to $60,000, plus 10% of the next month's cost of goods sold. All inventory purchases are paid 20% in the month of purchase and 80% in the subsequent month. On Sahara's budgeted balance sheet for May 31, what is the balance of the accounts payable account for inventory purchases? $121.720 5117,600 $115,920 $119.280 None of the above