Correy Company Reported the Following Information for 2019 Cost of Goods Sold Is 35% of Sales

Correy Company reported the following information for 2019: $\begin{array}{llll}&\text { October }& \text { November }& \text { December }\\\text { Budgeted sales } & \$ 460,000 & \$ 440,000 & \$ 540,000 \\\text { Budgeted purchases } & \$ 240,000 & \$ 256,000 & \$ 288,000\end{array}$ Cost of goods sold is 35% of sales.

-Correy 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?

A) $96,000
B) $144,000
C) $204,000
D) $102,400

Correct Answer:

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