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 78% 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 $20,400 Monthly depreciation is $20,200 Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $588,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 21,200 82,200 218,400 998,000 $1,319,000 $195,200 530,000 594,600 $1,319,800