Margaret Company Has the Following Information Purchases Are Paid as Follows:
10% in the Month of

Multiple Choice

Margaret Company has the following information:
$\begin{array}{ll}\text { Month }&\text { Budgeted Purchases }\\\text { January } & \$ 26,800 \\\text { February } & 29,000 \\\text { March } & 30,520 \\\text { April } & 29,480 \\\text { May } & 27,680\end{array}$
Purchases are paid as follows:
10% in the month of purchase
50% one month after purchase
40% two months after purchase
What is the expected balance in Accounts Payable on May 31?

A) $2,948
B) $11,792
C) $24,912
D) $36,704