Diltex Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $300,000 for December, and $310,000 for January. Collections are expected to be 69% in the month of sale, 30% in the month following the sale, and 1% uncollectible. 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 60% 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 $27,500. Monthly depreciation is $18,500. Ignore taxes. Statement of Financial Position October 31 Assets Cash $21,000 Accounts receivable (net of allowance for uncollectible accounts) 80,000 Merchandise inventory 134,400 Property, plant and equipment (net of $40 accumulated depreciation) 966,000 Total assets $1,201,400 Liabilities and Stockholder' Equity Accounts payable $134,000 Common stock 850,000 Retained earnings 217,400 Total liabilities and stockholder' equity $1,201,400 Accounts payable at the end of December would be: $84,000 $210,000 $214,200 $130,200