In January 20X3, Elliott Industries recorded the following transactions:
(1) Paid bills from 20X2 totaling $120,000 and collected $150,000 for sales that were made in 20X2.
(2) Purchased inventory on credit totaling $500,000, 30% of which remained unpaid at the end of January.
(3) Sold $400,000 of inventory on credit for $600,000, 20% of which remained uncollected at the end of the month.
(4) Accruals increased by $10,000 during the month.
(5) Made additional cash payments for expenses incurred during the month totaling $80,000.
Compute Elliott’s change in working capital for the month of January 20X3.