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, $314,000 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 are $21,500 - Monthly depreciation is $23,000. - Ignore taxes. Total liabilities and stockholders' equity $1,290,400 Accounts payable at the end of December would be: Multiple Choice 547,100 $235,500 $175,500 $128,400