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Fortune Company's direct materials budget shows the following cost of materials to be purchased for...

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Accounting

Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material purchases $ 12,160 $ 14,270 $ 11,090 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $6,200. The expected January 31 Accounts Payable balance is:

Multiple Choice $6,200. $7,135. $12,160. $6,080. $9,180.

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