QUESTION 15 Answer Question 15-18 based on the following information: Data regarding the GHI Corporation's operations is as follow: Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January. Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales. The company desires to have an ending merchandise inventory at the end of each month 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 $21,100. Monthly depreciation is $21,000. Ignore taxes. Balance Sheet October 31 Assets Cash $ 25,000 Accounts receivable 77,000 162,400 Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets 1,026,000 $ 1,290,400 Liabilities and Stockholders' Equity Accounts payable Common stock 239,000 740,000 311,400 Retained earnings Total liabilities and stockholders' equity $ 1,290,400 (15.) Expected cash collections in December are: O $310,000 O $101,500 $303,000 O $201.500