Assume the following budgeted Information for a merchandising company . Budgeted sales (all 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% 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 $20,500 Monthly depreciation expense is $20,000, The budgeted net operating income for December would be