Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized store's operations follow Sales are budgeted at $350,000 for November, $320,000 for December, and $300,000 for January. . Collections are expected to be 90% in the month of sale and 10% in the month following the sale. . The cost of goods sold is 75% of sales. , The company desires to have an ending merchandise inventory equal to 60% 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 $24,700. Monthly depreciation is $16,000 Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable $ 19, 000 77,000 157, 500 , net of 1,002,000 $502,000 ac ated depreciation