Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow. Sales are budgeted at $400,000 for November, $380,000 for December, and $370,000 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 75% of sales The company would like to maintain ending merchandise inventories equal to 65% 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 $24,600 Monthly depreciation is $15600 Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,600 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Connon stock Retained earnings Total liabilities and stockholders' equity $ 20,6ee 70,600 195,000 1,094,600 $ 1,380,800 $ 254,600 820, 60e 305,600 $ 1,388,800 Expected cash collections in December are: Multiple Choice $220,000 $171.000 $380.000 $391000