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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 $ 12,580 14,690 11,510 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 $6,900. The expected January 31 Accounts Payable balance is:

Multiple Choice

  • $6,900.

  • $7,345.

  • $12,580.

  • $6,290.

  • $9,740.

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