Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $400,000 for November, $380,000 for December, and $370,000 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 65% 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 $24,600. Monthly depreciation is $15,600. Ignore taxes. Balance Sheet October 31 Assets Cash$20,600 Accounts receivable 70,600 Merchandise inventory 195,000 Property, plant and equipment, net of $572,600 accumulated depreciation 1,094,600 Total assets$1,380,800 Liabilities and Stockholders' Equity Accounts payable$254,600 Common stock 820,600 Retained earnings 305,600 Total liabilities and stockholders' equity$1,380,800 December cash disbursements for merchandise purchases would be: Multiple Choice $180,375 $290,250 $285,000 $280,125
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