Balance sheet and other cash information for International Gourmet Foods is presented below. . Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January. . Collections are expected to be 45% in the month of sale and 55% in the month following the sale. . The cost of goods sold is 75% of sales. . The company would like to maintain ending merchandise inventories equal to 80% of the next month's cost of goods sold. P merchandise is made in the month following the purchase. :51 . Other monthly expenses to be paid in cash are $24,100. . Monthly depreciation is $15,100 . Ignore taxes. Balance Sheet October 31 Assets Cash $ 20, 100 Accounts receivable 70, 100 Merchandise inventory 210, 000 Property, plant and equipment, net of $572, 100 accumulated 1, 094, 100 depreciation Total assets $1, 394, 300