Sheridan Company reported the following information for 2020:

	September	October	November	December	January
Budgeted sales	$240000	$309200	$290500	$360700	$199600
Budgeted purchases	$90300	$119800	$128300	$144800	$87800

	Cost of goods sold is 40% of sales.
	Sheridan purchases and pays for merchandise 70% in the month of acquisition and 30% in the following month.
	Accounts payable is used only for inventory acquisitions.

How much is the budgeted balance for Accounts Payable at October 31, 2020?

$35940

$54105

$76320

$38490