Assume the following budgeted information for a merchandising company: - Budgeted sales (ail on credit) for November, December, and January are $249,000,$219,000, and $210,000, 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 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 poid in cash in the month incurred total $25,500. - Monthly depreciation expense i5 \$9.500. The budgeted net operating income for December would be: Multiple Choice $35,426