The business in the example question has an annual cost of goods sold expense of $3,120,000. Historically, the business’s accounts payable for inventory purchases equals about four weeks of annual cost of goods sold. What amount of accounts payable for inventory purchases would you expect in its year-end balance sheet? (Note: The accounts payable balance also includes an amount from purchases of supplies and services on credit; this question concerns only the amount of accounts payable from inventory purchases.)