Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $300,000 for November, $280,000 for December, and $270,000 for January . Collections are 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 $23,600. Monthly depreciation is $14,600. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,000 accumulated depreciation Total assets $ 20,000 70,000 153,000 1,094,000 $1,337,000 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 254,000 820,000 263,000 $1,337,000 Expected cash collections in December are