Dilly Farm Supply is located in a small town in the rural west Data regarding the store's operations follow. . . . Sales are budgeted at $297,000 for November, $317.000 for December, and $217,000 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 $21,800. Monthly depreciation is $24,500, Ignore taxes. Balance Sheet October 31 Assets cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624, eee accumulated depreciation Total assets $ 28, see se, 500 178, 200 1,011, eee $1,298, 200 Liabilities and Stockholders Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders! equity $ 243,000 747, 080 Be8, 200 $1,298, 200 Retained earnings at the end of December would be