Dilly Farm Supply is located in a small town in the rural west Data regarding the store's operations follow: Sales are budgeted at $306,000 for November, $325,000 for December, and $226,000 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 $22,700, Monthly depreciation is $29,000. Ignore taxes. . . Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 34,500 85,000 183,600 921,000 $ 1,224,100 $ 255,000 756,000 213,100 $ 1,224,100 Accounts payable at the end of December would be: Accounts payable at the end of December would be: Multiple Choice O $135,600 O $48,900 $244,500 $184,500