Sheffield, Inc. reports all its sales on credit

Sheffield, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: - Customer amounts on account are collected 75% in the month of sale and 25% in the following month. - Cost of goods sold is 55% of sales. - Sheffield purchases and pays for merchandise 45% in the month of acquisition and 55% in the following month. - Operating expenses are: Salaries, \$50500; Depreciation, $11500; Rent, $14400; and Utilities, $14500. - Accounts payable is used only for inventory acquisitions. How much is Sheffield's budgeted balance for Accounts Payable at May 31, 2022? $57375$124260$70125$66165