X Company, a merchandiser, prepares monthly financial statements. The following are account balances in November: November 1 November 30 Accounts Payable $54,509 $38,862 In November, payments of Accounts Payable were $318,562, and Cost of Goods Sold was $345,690. Assuming that all merchandise purchases were on account, what were merchandise purchases in November? A: $221,284 B: $258,902 C: $302,915 D: $354,411 E: $414,660 F: $485,153 Merchandise Inventory $59,274 $16,499