Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow. Sales are budgeted at $410,000 for November, $390,000 for December, and $380,000 for January Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 80% of sales. The company would like to maintain ending merchandise inventories equal to 70% of the next month's cost of goods sold. Payment merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash ore $24,700. Monthly depreciation is $15,700. Ignore taxes. . . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,700 accumulated depreciation Total assets 20,700 70, 700 229,600 1,094,700 $1,415, 700 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 254,700 820,700 340,300 Multiple Choice O $205,000 o $195,000 $390,000 $400,000 Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow. Sales are budgeted at $410,000 for November, $390,000 for December, and $380,000 for January Collections are expected to be 50% in the month of sale and 50% in the month following the sale. The cost of goods sold is 80% of sales. The company would like to maintain ending merchandise inventories equal to 70% of the next month's cost of goods sold. Payment merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash ore $24,700. Monthly depreciation is $15,700. Ignore taxes. . . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,700 accumulated depreciation Total assets 20,700 70, 700 229,600 1,094,700 $1,415, 700 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 254,700 820,700 340,300 Multiple Choice O $205,000 o $195,000 $390,000 $400,000