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Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $ 2

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Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Sales are budgeted at $251,000 for November, $291,000 for December, and $218,000 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 90% of the next month's cost of good Payment for merchandise is made in the month following the purchase.
Other monthly expenses to be paid in cash are $20,000.
Monthly depreciation is $25,000.
Ignore taxes.
\table[[\table[[Balance Sheet],[October 31]]],[Assets,],[\table[[Assets],[Cash]],\table[[$26,00
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