Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: - Sales are budgeted at $302,000 for November, $322,000 for December, and $222,000 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. - The company desires to have an ending merchandise inventory at the end of each month equal to "30% ofthe 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 $22,300. - Monthly depreciation is $22,000. - Ignore taxes. Ba lance Sheet October 31 Assets Cash $ 32,599 Accounts receivable 83,999 Merchandise inventory 169,129 Property, plant and equipment, net of $624,909 accumulated depreciation 91?,999 Total assets $ 1,291,629 Liabilities and Stockholders' Equity Accounts payable $ 251,999 Common stock 752,999 Retained earnings 198,629 Total liabilities and stockholders' equity $ 1,291,629 Accounts payable at the end of December would be