Carter Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow: o Sales are budgeted at $504,000 for November, $514,000 for December, and $524,000 for January. o Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible. o The cost of goods sold is 80% of sales. o The company desires to have an ending merchandise inventory equal to 80% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase. o Other monthly expenses to be paid in cash are $35,100. o Monthly depreciation is $21,900. o Ignore taxes.

Balance Sheet October 31
Assets
Cash	$ 20,400
Accounts receivable, net of allowance for uncollectible accounts	82,500
Inventory	241,000
Property, plant and equipment, net of $553,000 accumulated depreciation	1,106,000
Total assets	$1,449,900
Liabilities and Stockholders' Equity
Accounts payable	$ 270,000
Common stock	780,000
Retained earnings	399,900
Total liabilities and stockholders' equity	$1,449,900

The accounts receivable balance, net of uncollectible accounts, at the end of December would be:

a. $138,780

b. $122,180

c. $150,480

d. $241,380