Question - General, Inc has prepared the following direct materials purchases budget:
June: 69,000
July: 78,500
August: 78,100
September: 76,000
October: 78,200
All the purchases are paid for as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after purchase.
Calculate budgeted balance of accounts payable at the end of October.
a. 46,920
b. 7,600
c. 15,420
d. 54,520