Daly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow Sales are budgeted at $281.000 for November 5321000 for December, and $212.000 for January Collections are expected to be in the month of sale and 25% in the month following the sale . The cost of goods sold is 75% of sales . The company desires to have an ending merchandise inventory at the end of each month equal to 90% 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 $20.300. Monthly depreciation is $22.000 Ignore totes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Con stock Retained earnings Total liabilities and stockholders' equity Accounts payable at the end of December would be $ 29,000 78,000 189,675 1,606,00 $ 1,302,675 $ 241,000 742.000 319,675 $ 1,302,675 Multiple Choce $24.075 $143.100