The following information is for X Company, a merchandiser:
| Accounts Payable, January 1 |
$56,065 |
| Accounts Payable, January 31 |
$53,250 |
| Payments of accounts payable |
$328,195 |
| Merchandise Inventory, January 1 |
$51,584 |
If Cost of Goods Sold in January was $303,234, what was the balance in Merchandise Inventory on January 31 (assume that all merchandise purchases are on account)?