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Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first...

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Accounting

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Metro, Incorporated sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $82,000. All purchases are made on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purchase. Based on this information the total cash paid in March to sertle accounts payable is Multiple Choice $77,300. $64,400

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