20 Data for jo, a large merchandiser, is below: -Sales-are-budgeted at $304,000 for November, $324,000 for December, and $224,000 for January. Collections are expected to be 60% in the month of sale and -40% in the month- following the sale. The cost of goods sold is 75% of sales. Yipuum375 desires to have an ending merchandise inventory at the end of each month equal to 90% 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 $22,500. Monthly depreciation is $28,000. Ignore-taxes. Assets Cash Accounts receivable Merchandise inventory Balance Sheet October 31 Property, plant and equipment, net of $624,000 accumulated depreciation Total assets P Liabilities and Stockholders' Equity Accounts payable Common stock T Retained earnings Total-liabilities and stockholders' equity Q) What are the expected cash collections for jo in December? Tip of Form Budum of Fum $194,400 $324,000% $121,6001 $316,0001 $ 33.500 84,000 288,900 919,000 $ 1,325,400- $ 253,000 754,000 318,400 $ 1,325,400