Barchi and Holloway Merchandising Co. sells Rutgers gear branded as the Scarlet Knights. The following budgeted data relatet Sales are budgeted at $280,000 for November, $240,000 for December, and $190,000 for January. Collections are expected to be 52% in the month of sale, 45% in the month following the sale, and 3% uncollectible. The cost of goods sold is 75% of sales. Payment for merchandise is made in the month following the purchase. Ending Merchandise Inventory should equal 12% of the following month's cost of goods sold. Other monthly expenses to be paid in cash are $23,400. Monthly depreciation is $19.000 related to office equipment. ignore taxes December Cash payments related to merchandise purchases would be: $196,000 5205400 $231.800 5175