Subm Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the fest quarter operations. Metro maintains ending inventory at 15% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $75.000 All purchases are made on account with 20% of accounts paid in the month of purchase and the remaining 80% paid in the month following the month of purchase Sales January February March Budgeted cost of goods sold $42,500 $55,000 $62,500 Plus: Desired ending inventory 8,250 Inventory needed 50,750 Less: Beginning inventory (8,500 Required purchases $42,250 Based on this information the total cash paid in March to settle accounts payable is Multiple Choice 16 of 32 O e 9