Assume the following budgeted information for a merchandising company: - Budgeted sales (all on credit) for November, December, and January are $255,000,$225,000, and $216,000, respectively. - Cash collections of credit sales are expected to be 75% in the month of sale and 25% in the month following the sale. - The cost of goods sold is always 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 $28,500. - Monthly depreciation expense is $28,000. The expected cash collections from customers in December are: Multiple Cholce $251,750. $232,500. $240,300. $222,750