Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $220,000 for November, $200,000 for December, and $190,000 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 60% of sales. The company would like maintain ending merchandise inventories equal to 50% 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 $22.800. Monthly depreciation is $13.800. Ignore taxes $ Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,400 depreciation Total assets 22, 4ee 72,400 66.000 4,095,4 $1,257,200 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 2.4 Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,400 accumulated depreciation Total assets $ 22,400 72,400 66,000 1,096,400 $1,257,200 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 256,400 822,400 178,400 $1,257,200 The cost of December merchandise purchases would be: Multiple Choice - . $57000 $132,000 . . $117,000