Metro, inc. 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 $70,000. 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. sales january february march budgeted cost of goods sold $ 40,000 $ 50,000 $ 60,000 plus: desired ending inventory 10,000 inventory needed 50,000 less: beginning inventory (8,000) required purchases $ 42,000 based on this information the amount of accounts payable appearing on the march 31 pro forma balance sheet is