-71 Question 26 View Policies Current Attempt in Progress Sheffield Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are: March April May June July Budgeted sales $299400 $289700 $319200 $280600 $209500 Budgeted purchases $143600 $119800 $129000 $132600 $90400 Customer amounts on account are collected 75% in the month of sale and 25% in the following month. Cost of goods sold is 65% of sales. Sheffield purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month. Operating expenses are: Salaries, $50000; Depreciation, $12600; Rent, $16000; and Utilities, $14200. Accounts payable is used only for inventory acquisitions. How much is Sheffield's budgeted balance for Accounts Payable at May 31, 2020? $125780 $77870 $45150 $83850 Save for Later Attempts: 0 of 1 used Submit