Weller Industrial Gas Corporation supplies acetylene and other compressed gases to Industry. Data regarding the store's operations follow Sales are budgeted at $360,000 for November, $380,000 for December, and $370,000 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 70% of sales. The company desires an ending merchandise inventory equal to 85% 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 $20,000. Monthly depreciation is $19,800. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $584,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 20,800 81,800 214,200 994,000 $1,310,800 $ 194,800 490,000 626,000 $1,310,800