Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow Sales are budgeted at $280,000 for November, $260,000 for December, and $250,000 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 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 for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $23.400 Monthly depreciation is $14.400 Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $573,800 accumulated depreciation Total assets 21.ee 71,800 156,880 1,895,800 $1,346,209 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 255,888 821,888 268, 680 $1,346,280 ENG 7:41 PM 7/4/2020 Search Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 255,8ee 821,800 268,660 $1,346, 2ee 08 Expected cash collections in December are: Multiple Choice $260,000 $154,000 $2710DD 0 $113,000