Bracken Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow Sales are budgeted at $290,000 for November, $300,000 for December, and $300,000 for January . Collections are expected to be 75% in the month of sale, 23% in the month following the sale, and 2% uncollectible 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 $21,400 Monthly depreciation is $18,600. . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable, net of allowance for uncollectible accounts Merchandise inventory Property, plant and equipment, net of $620,000 accumulated depreciation Total assets $44,000 92,000 121,800 1,250,000 $1,507,800 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 800,000 $1,507,800 Expected cash collections In December are