Foote Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:

Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January.

Collections are expected to be 65% in the month of sale and 35% in the month following the sale.

The cost of goods sold is 80% of sales.

The company desires to have an ending merchandise inventory at the end of each month equal to 70% 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 $21,100.

Monthly depreciation is $21,000.

Ignore taxes.

Balance Sheet October 31 Assets Cash $ 25,000 Accounts receivable 77,000 Merchandise inventory 162,400 Property, plant and equipment, net of $624,000 accumulated depreciation 1,026,000 Total assets $ 1,290,400 Liabilities and Stockholders' Equity Accounts payable $ 239,000 Common stock 740,000 Retained earnings 311,400 Total liabilities and stockholders' equity $ 1,290,400

Accounts payable at the end of December would be:

A) $192,000

B) $248,000

C) $117,600

D) $74,400