Bracken corporation is a small wholesaler of gourmet food products. data regarding the store's operations follow: • sales are budgeted at $360,000 for november, $380,000 for december, and $380,000 for january. • collections are expected to be 75% in the month of sale, 24% in the month following the sale, and 1% uncollectible. • the cost of goods sold is 85% of sales. • the company would like to maintain ending merchandise inventories equal to 75% 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 $22,000. • monthly depreciation is $19,200. • ignore taxes. balance sheet october 31 assets cash $30,000 accounts receivable, net of allowance for uncollectible accounts 78,000 merchandise inventory 229,500 property, plant and equipment, net of $606,000 accumulated depreciation 1,180,000 total assets $1,517,500 liabilities and stockholders' equity accounts payable $302,750 common stock 860,000 retained earnings 354,750 total liabilities and stockholders' equity $1,517,500 expected cash collections in december are: