Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:

• Sales are budgeted at $310,000 for November, $330,000 for December, and $230,000 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 70% 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 goods sold. Payment for merchandise is made in the month following the purchase.
• Other monthly expenses to be paid in cash are $23,100.
• Monthly depreciation is $31,000.
• Ignore taxes.

Balance Sheet October 31
Assets
Cash	$	36,500
Accounts receivable		87,000
Merchandise inventory		195,300
Property, plant and equipment, net of $624,000 accumulated depreciation		925,000
Total assets	$	1,243,800
Liabilities and Stockholders' Equity
Accounts payable	$	259,000
Common stock		760,000
Retained earnings		224,800
Total liabilities and stockholders' equity	$	1,243,800

Accounts payable at the end of December would be:

Brewer 8e Rechecks 2019-26-08

• $23,100

• $231,000

• $168,000

• $144,900