(Answered) Question - cave hardwares forecasted sales for april may

Accounting

Question - Cave Hardware's forecasted sales for April, May, June and July are $200,000, $230,000, and $240,000; respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month's cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month.

What is the balance of accounts payable on the June 30 budgeted balance sheet at Cave Hardware?

A) $114,075

B) $108,225

C) $146,250

D) $32,175

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