. Sales are budgeted at $302.000 for November, $322.000 for December, and $222.000 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 $22,300. . Monthly depreciation is $27000. . Ignore taxes. Accounts receivable Merchandise inventory Property, plant and equipment, net of $624, 000 accumu laced $ 32, 500 83, 000 169. 120 917,000 depreciation Total asgets $1/201, 620 Liabilities and stookholders Equity Accounts payable Common stock s 251,000 752, 000 198, 620 Total liabilities and stockholders' equity The cost of December merchandise purchases would be