Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January. .Collections are expected to be 75% in the month of sale and 25% in the month following the sale. The cost of goods sold is 74% of sales. The company desires an ending merchandise Inventory equal to 70% 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 $20,800. Monthly depreciation is $20,600. . Ignore taxes. Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment (net of $592,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 21,600 82,600 181,300 1,002,000 $1,287,500 $ 195,600 570,000 521,900 $1,287,500