Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $350,000 for December, and $340,000 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 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 $24,300. Monthly depreciation is $15,300 Ignore taxes. . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,300 accumulated depreciation Total assets Liabilities and stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 20,300 70,300 155,400 1,094,300 $ 1,340, 300 $ 254,300 820,300 265, 700 $ 1,340,300 The cost of December merchandise purchases would be