Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months:
January February March
Material purchases $12,040 $14,150 $10,970
Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $6,500. The budgeted cash payments for materials in January are:
a. $18,540.
b. $13,095.
c. $6,500.
d. $9,270.
e. $12,520.
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