Apple Two Enterprises expects to generate sales of $5,950,000 for fiscal 2002; sales were $3,450,000 in fiscal 2001. Assume the following figures for the fiscal year ending 2001: cash $70,000; accounts receivable $250,000; inventory $400,000; net fixed assets $520,000; accounts payable $235,000; and accruals $155,000. Use the percent-of-sales method to forecast accruals for the fiscal year ending 2002.
$890,001
$412,316
$267,319
$350,814