Data for Yipuum375, a large merchandiser, is below: Sales are budgeted at $296,000 for November, $316,000 for December, and $216,000 for January " . Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales. Yipuum375 desires to have an ending merchandise inventory at the end of each month equal to 70% 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 $21,700. Monthly depreciation is $24,000. . . Ignore taxes. . (ID#55632) Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation $ 28,000 80,000 184,400 1,010,000 Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated 28,000 80,000 184,400 1,010,000 $1,302,400 depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Q) What are the expected cash collections for Yipuum375 in December? $ 242,000 746,000 314,400 $1,302,400