Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: - Sales are budgeted at $300,000 for November, $320,000 for December, and $220,000 for January. - Collections are expected to be 70% in the month of sale and 30% in the month following the sale. - The cost of goods sold is 75% of sales. - The company desires to have an ending merchandise inventory at the end of each month 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 $22,100. - Monthly depreciation is $26,000. - Ignore taxes. Retained earnings at the end of December would be: Multiple Choice $345,700 $358,000 $310,000 $368,800
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