Assume the following budgeted information for a merchandising company: - Budgeted sales (all on credit) for November, December, and January are $242,000,$212,000, and $203,000, respectively. - Cash collections related to credit sales are expected to be 70% in the month of sale, 30% in the month following the sale. - The cost of goods sold is 70% of sales. - Each month's ending inventory equals 20% 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 \$22,000. - Monthly depreciation expense is $6,000. The budgeted net operating income for December would be