Sales are budgeted at $380,000 for November, $360,000 for December, and $350,000 for January Collections are expected to be 60% in the month of sale and 40% in the month following the sale. The cost of goods sold is 75% of sales. The company would like to maintain ending merchandise inventories equal to 65% 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 $24.400 . Monthly depreciation is $15.400 Ignore taxes. Balance sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,400 accumulated depreciation Total assets $ 20,400 70,400 185,250 1,094,400 $1,370,450 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 254,400 820,400 295,650 $1,370,450 Expected cash collections in December are: Expected cash collections in December are: Multiple Choice $152,000 $216,000 $360,000 $368,000