Brarin Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:

	Sales are budgeted at $310,000 for November, $330,000 for December, and $320,000 for January.
	Collections are expected to be 60% in the month of sale, 39% in the month following the sale, and 1% uncollectible.
	The cost of goods sold is 65% of sales.
	The company would like to maintain ending merchandise inventories equal to 55% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
	Other monthly expenses to be paid in cash are $22,800.
	Monthly depreciation is $20,700.
	Ignore taxes.

The difference between cash receipts and cash disbursements in December would be:

$105,300

$47,525

$14,000

$87,450