A company's production budget indicates the following production requirements: October, 215,000 units; November 180,000 units,...
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Accounting
A company's production budget indicates the following production requirements: October, 215,000 units; November 180,000 units, and December, 115,000 units. Each unit of finished goods requires 4 pounds of raw materials that cost $2.25 per pound. The company maintains raw materials inventory equal to 25% of the next month's production requirements. The company pays for 30% of its raw material purchases in the month of purchase. The remainder is paid the next month. The companys accounts payable balance at the end of November is closest to:
Multiple Choice
$208,760
$203,760
$198,260
$207,093
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