Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $390,000 for November, $370,000 for December, and $360,000 for January. Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 80% of sales. The company would like to maintain ending merchandise inventories equal to 70% 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 $24,500. Monthly depreciation is $15,500. Ignore taxes. Balance Sheet October 31 Assets Cash $ 20,500 Accounts receivable 70,500 Merchandise inventory 218,400 Property, plant and equipment, net of $572,500 accumulated depreciation 1,094,500 Total assets $ 1,403,900 Liabilities and Stockholders' Equity Accounts payable $ 254,500 Common stock 820,500 Retained earnings 328,900 Total liabilities and stockholders' equity $ 1,403,900 The cost of December merchandise purchases would be: Mul