Simone Company reported the following information for 2020:

	September	October	November	December	January
Budgeted sales	$240,000	$310,000	$290,000	$360,000	$200,000
Budgeted purchases	$90,000	$120,000	$128,000	$144,000	$88,000

Available information:

1. Cost of goods sold is 35% of sales.
2. Simone purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.
3. Accounts payable is used only for inventory acquisitions.

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

Select one:

a. $48,000

b. $72,000

c. $102,000

d. $51,200

e. None of the above