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

	Sales are budgeted at $230,000 for November, $250,000 for December, and $240,000 for January.
	Collections are expected to be 40% in the month of sale, 57% in the month following the sale, and 3% 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 $22,000.
	Monthly depreciation is $19,900.
	Ignore taxes.

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

a. $69,500

b. $14,000

c. $52,450

d. $25,425