Assume the following budgeted information for Labadie Corporation: - Budgeted sales (all on credit) for November, December, and January are $258,000,$225,000, and $219,000, 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 variable expenses are 60% of sales. - Each month's ending inventory equals 17% of next month's cost of goods sold. - 38% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. - Monthly fixed expenses that are paid in cash in the month incurred total $29,000. - Monthly fixed depreciation expense is $11,000. The budgeted net operating income for December would be