Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow. 23 points Sales are budgeted at $303,000 for November $323,000 for December, and $223,000 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 are $22.400 Monthly depreciation is $27,500. . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets 33,000 83,500 181,800 910,000 $1,216,300 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 252,000 753.000 211.300 23 Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets points (8 02:46:15 $ 33,000 83,500 181,800 918,000 $1,216,300 eBook References Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 252,000 753,000 211,300 $1,216,300 Retained earnings at the end of December would be