QUESTION 6 Calder Water Company has budgeted direct materials inventory purchases as fo October: $300,000 November: $360,000 December: $460,000 Calder pays for 20% of their purchases during the month of purchase, 70% during the month following the purchase, and the remaining 10% two months after the month of purchase. What is the budgeted accounts payable balance on December 31 $404,000 $368,000 $440,000 $460,000