Multiple Choice Question 127 Sheridan Company reported the following information for 2016: Budgeted sales Budgeted purchases October $380000 $150000 November December $350000 $450000 $156000 $198000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. Sheridan purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Accounts payable is used only for inventory acquisitions. How much cash will Sheridan receive during November? O $175000 $365000 $400000 $350000