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. Retained earnings Total 1iabilities and stockholders" equity Accounts payable at the end of December would be: Mutiple Choice $168,000 $23,100 $23,000 $144,900