Assume the following budgeted information for a merchandising company: - Budgeted sales (all on credit) for November, December, and January are $244,000,$214,000, and $205,000, respectively. - Cash collections of credit sales are expected to be 80% in the month of sale and 20% in the month following the sale. - The cost of goods sold is always 65% of sales. - Each month's ending inventory equals 15% of next month's cost of goods sold. - 40% of each month's merchandise purchases are paid 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 $23,000. - Monthly depreciation expense is $22,500. The expected cash collections from customers in December are: Multiple Choice $235,510. $231,300. $220,000. $212,200. Multiple Choice $53,100 $48,600 $34,650 $28,350