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Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January ....

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Accounting

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Sales are budgeted at $350,000 for November, $330,000 for December, and $320,000 for January . Collections are expected to be 45% in the month of sale and 55% in the month following the sale. . The cost of goods sold is 75% of sales. . The company would like to maintain ending merchandise Inventories equal to 80% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $24,100. Monthly depreciation is $15,100. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,100 accumulated depreciation Total assets $ 20,100 70,100 210,000 1,094,100 $1,394,300 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 254,100 820,100 320,100 $1,394,300 Expected cash collections in December are

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