Dilly Farm Supply is located in a small town in the rural west. Data regarding the stores operation 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 months cost of goods told Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $21800 Monthly depreciation is $24.500 Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise Inventory Property, plant and equipment, net of 5624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 5.28,500 0,50 178.200 1,911,000 $1,295,200 $ 243,000 747.000 308,200 $ 1,298, 200 Accounts payable at the end of December would be