Please answer within 15-30 min. (g)

Data for Lmypuu219, a large merchandiser, is below. . Sales are budgeted at $308,000 for November, $328,000 for December, and $228,000 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. Lmypuu219 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 $22,900. . Monthly depreciation is $30,000. . Ignore taxes. Balance Sheet October 31 Assets Cash $ 35,500 Accounts receivable 86,000 Merchandise inventory 172,480 Property, plant and equipment, net of $624,080 accumulated 923,000 depreciation Total assets $1,216,980 Liabilities and Stockholders Equity Accounts payable $ 257,060 Common stock 758,060 Retained earnings 201,980 Total liabilities and stockholders' equity $1, 216,980