Carter Lumber selsumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the stores operations follow o Sales are budgeted at $492000 for November, $502,000 for December, and $512,000 for January Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3 uncollectible. The cost of goods sold is 75% of sales The company desires to have an ending merchandise inventory equal to 80% of the following 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 $22.950 Monthly depreciation is $25.900. Ignore trees Balance Sheet October 31 Assets Cash Accounts receivabinet of alowance for uncolectible accounts hvertory Property, plant and equipment, net of $83.000 accumulated depreciation Total assets Lisbites and Stockholders Equity Accounts payable Common ock Bened emings Totes and equity $15.700 85.200 237.500 16.000 SUS5.400 $ 339.000 700.000 386.400 SL505.400 The cash balance at the end of December would be O $170,640 O $16.700 O 589,640 O $153,940