TB MC Qu. 8-129 Dilly Farm Supply is located in a small ... 29 Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow 2 points 01.10.00 Sales are budgeted at $297,000 for November, $317,000 for December, and $217,000 for January Collections are expected to be 70% in the month of sale and 30% in the month following the sale, The cost of goods sold is 75% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 80% 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 $21,800 Monthly depreciation is $24.500. Ignore taxes. . eBook References $ Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,eee accumulated depreciation Total assets 28,500 80, see 178, 200 1,811,800 $1,298, 200 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 243,800 747,800 308,208 $1,298, 200 Retained earnings at the end of December would be Multiple Choice $308,200 $369,100 S346.300 O 5354.400