Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $309,000 for November, $329,000 for December, and $229,000 for January. Collections are expected to be 70% in the month of sale and 30% 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 80% of the next month's cost of goods sold. Payme for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $23,000. Monthly depreciation is $30,500. Ignore taxes. . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity $ 36,000 86,500 185,400 924,000 $ 1,231,900 $ 258,000 759,000 214,900 $ 1,231,900 Accounts payable at the end of December would be: Accounts payable at the end of December would be: Multiple Choice $186,750 $49,350 $137,400 $246,750