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. Payment 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 (01422 Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets 36,000 86,500 185,400 924,000 $1,231,900 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 258,000 259.000 214.900 $1,231,900 Accounts payable at the end of December would be