Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $370,000 for November, $390,000 for December, and $380,000 for January. Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 74% of sales. The company desires an ending merchandise inventory equal to 80% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,700. Monthly depreciation is $21,500. Ignore taxes. Assets Balance Sheet October 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $599,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 22,500 83,500 219,040 1,009,000 $ 1,334,040 $ 196,500 670,000 467,540 $ 1,334,040