Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: - Sales are budgeted at $248,000 for November, $288,000 for December, and $220,000 for January. - Collections are expected to be 60% in the month of sale and 40% 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 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 $17,500. - Monthly depreciation is $10,000. - Ignore taxes. What is Retained Earnings at December 31? Multiple Choice $275,700 $267,700 $295,700 $270,700