$23)$ Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $$299,000$ for November, $$319,000$ for December, and $$219,000$ for January Collections are expected to be $65\%$ in the month of sale and $35\%$ in the month following the sale The cost of goods sold is $80\%$ of sales. The company desires to have an ending merchandise inventory each month equal to $70\%$ of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $$22,000$ Monthly depreciation is $$25,500.$ Ignore taxes at the end of Balance Sheet October $31$ Assets $ Cash $32,500$ Accounts receivable $81,500$ Merchandise inventory Property, plant and equipment, net of $$624,000$ accumulated depreciation $167,4401,013,0001\mathrm{.}294,440$ Total assets $ Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ $248,000749,000297,440$ Total liabilities and stockholders' equity $1,294,440$ The cost of December merchandise purchases would be: $326040.344840.303040.297440$