The following information is for X Company, a merchandiser:
| Accounts Payable, January 1 |
$57,907 |
| Accounts Payable, January 31 |
$35,949 |
| Payments of accounts payable |
$331,164 |
| Merchandise Inventory, January 1 |
$52,254 |
If Cost of Goods Sold in January was $321,584, what was the balance in Merchandise Inventory on January 31 (assume that all merchandise purchases are on account)?