General, Inc has prepared the following direct materials purchases budget
Month Budgeted DM Purchases
June $69,000
July 78,500
August 78,100
September 76,000
October 78,200
All 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) $54,520
C) $7,600
D) $15,420
B .B) Budgeted Accounts Payable balance at the end of October:
For October DM purchases (60% x $78,200 ) $46,920
For September DM purchases (10% x $76,000 ) 7,600
Balance at the end: $54,520
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