TB MC Qu. 8-119 (Algo) Bramble Corporation is a small wholesaler... Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: - Sales are budgeted at $210,000 for November, $190,000 for December, and $180,000 for January. - Collections are expected to be 50% in the month of sale and 50% in the month following the sale. - The cost of goods sold is 55% of sales. - The company would like to maintain ending merchandise inventories equal to 45% 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 $22,700. - Monthly depreciation is $13,700. - Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,500 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The cost of December merchandise purchases would be: Multiple Cholce $104,500 $115,500 $102025 $44,550