28. The net income for December would be: A. $13,700 B. $32,900 C. $40,900 D. $19,900 Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations 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, 33% in the month following the sale, and 2% uncollectible. - The cost of goods sold is 80% of sales. - The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale. 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. - Innore taxes. Statemcat of Financial Position