Carver lumber sells lumber and general building supplies to building contractors in a medium-sized town in montana. data regarding the store's operations follow: sales are budgeted at $350,000 for november, $320,000 for december, and $300,000 for january. collections are expected to be 90% in the month of sale and 10% in the month following the sale. the cost of goods sold is 75% of sales. the company desires to have an ending merchandise inventory equal to 60% of the following 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 $24,700.monthly depreciation is $16,000.ignore taxes. balance sheetoctober 31assetscash $ 19,000accounts receivable 77,000inventory 157,500property, plant and equipment, net of $502,000 accumulated depreciation 1,002,000total assets $ 1,255,500liabilities and stockholders’ equityaccounts payable $ 272,000common stock 780,000retained earnings 203,500total liabilities and stockholders’ equity $ 1,255,500retained earnings at the end of december would be: