Sioux Corporation produces and sells one product. During the current period Sioux determined raw materials purchases in July, August, and September needed to be 30.000, 40.000, and 50,000 pounds, respectively. Each pound of material costs $30 and all purchases of raw materials are on account. Sioux pays for 60% of the raw materials in the month of purchase and 40% in the following month. The budgeted accounts payable balance at the end of August is: Multiple Choice 0 $480,000 O $1,200,000 0 $1,080,000 0 $40,000