Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow Sales are budgeted at $294.000 for November, 5314,000 for December, and $214.000 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 Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash ate $21.500 Monthly depreciation is $23,000. . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624, eee accumulated depreciation Total assets Liabilities and Shareholder's Equity Accounts payable Common shares Retained earnings Total liabilities and shareholder's equity $ 27,000 79, eee 176,400 1,008,000 $ 1,290,400 $ 240, eee 744,000 306,400 $ 1,290,400 ketaaneo earnings Total liabilities and shareholder's equity 300,00 $ 1,290,400 Accounts payable at the end of December would be Multiple Choice O $47100 $125.500 $235.500 O O $128.400