Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow. Sales are budgeted at $360,000 for November, $340,000 for December, and $330,000 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 85% of sales. The company would like to maintain ending merchandise Inventories equal to 75% 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 $24.200. Monthly depreciation is $15.200. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,200 accumulated depreciation Total assets 20,200 70,200 229,500 1,094,200 $1,414,100 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 254,200 820, 200 339, 700 $1,414,100 The cost of December merchandise purchases would be