Assume the following budgeted information for a merchandising company - Budgeted sales (ali on credit) for November, December, and January are $250,000,$220,000, and $200,000, respectively - Cash collections related to credit sales are expected to be 75% in the month of sale, 25% in the month following the sale - The cost of goods sold is 65% of sales. - Each month's ending inventory equals 20 s of next month's cost of gooets sold. - 40\% of each month's merchandise purchases are poid in the current month and the remainder is paid in the following month - Monthly selling and administrative expenses that are paid in cash in the month incurred total $20,500. - Monthly depreciation expense is $20,000. The budgeted net operating income for December would be