Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $300,000 for December, and $290,000 for January Collections are expected to be 55% in the month of sale and 45% 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 70% 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 $23,800. Monthly depreciation is $14,800. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $573,400 accumulated depreciation Total assets $ 21,400 71,400 156,800 1,095,400 $1,345,000 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 255,400 821,400 268,200 $1,345,000 Expected cash collections in December are