7 Bramblo Corporation is a small wholesaler of gourmet food products. Data regarding the shore's operation follow Sales are budgeted at $240.000 for November. $220,000 for December, and $210,000 for January . Collections we expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 70% of sales . The company would like to maintain ending merchandise inventories equal to 60% 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 $23.000 Monthly depreciation is $14,000 Ignore taxes $ 22,200 72,200 100,000 1,056,200 Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of 5524,200 accumulated depreciation Total assets Llabilities and stockholders' Equity Accounts payable Connon stock Retained things Total liabilities and stockholders uity $ 256,200 122,200 211,000 $ 1,291,400 The cost of December merchandise purchases would be