Use the following information to solve the next twoesions Data regarding the firm's store operations follow Sales are budgeted at $240,000 for October, 5260,000 for November, 52 30,000 for December, and $210,000 for January Collections are expected to be 80% in the month of sale, 1S% in the month following the sale, and 5% in the second month following the sale. The cost of goods sold is 65% of sales. " The company desires to have an ending merchandise inventory at the equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase 6. Expected cash collections in December are: a) $184,000 b) $247,000 c) $251,700 d) $253,700 e) $235,000 Q7. December cash disbursements for merchandise purchases would be: a) $222,000 b) $212,000 c) $141,700 d) $157,300 e) $218,000