Sheridan, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are:

March April May June July

Budgeted sales $299800 $290700 $319300 $279100 $210000

Budgeted purchases $144900 $120000 $127200 $132600 $89000

Customer amounts on account are collected 65% in the month of sale and 35% in the following month.Cost of goods sold is 65% of sales.Sheridan purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month.Operating expenses are: Salaries, $49000; Depreciation, $11900; Rent, $15300; and Utilities, $15000.Accounts payable is used only for inventory acquisitions.

How much is Sheridan' budgeted balance for Accounts Payable at May 31, 2020?

$124680

$78000

$44520

$82680