Waterway Industries reported the following information for 2019:

	October	November	December
Budgeted sales	$520000	$480000	$580000
Budgeted purchases	$300000	$316000	$328000

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

How much is the budgeted balance for Accounts Payable at October 31, 2019?

$160000

$120000

$180000

$126400