Master Budgeting-Review Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $$72,000 accumulated depreciation Total assets S 20,000 70,000 153,000 1,094,000 S 1,337,000 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 254,000 820,000 263,000 $ 1,337,000 Total liabilities and stockholders' equity Sales are budgeted at $500,000 for November and $420,000 for December. Cash sales are expected to be 30% of total sales for each month. The remaining sales will be on credit and Bramble expects to received 60% of credit sales in the month ofthe sale and 40% in the month following the sale. All of the accounts receivable as of October 31 will be collected in November. . The cost of goods sold is 75% of sales. . The company would like to maintain ending merchandise inventories equal to 20% of the next month's cost of goods sold. Bramble expects to pay 25% in the month of purchase and 75% in the following month. Account payable as of October 31 will be paid in November. : Selling and administrative expenses are $80,000. This amount includes depreciation of $15,000 per month. There will be no change in common stock, and dividends will not be paid in November