Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow:

• Sales are budgeted at $359,000 for November, $329,000 for December, and $309,000 for January.
• Collections are expected to be 80% in the month of sale and 20% in the month following the sale.
• The cost of goods sold is 75% of sales.
• The company desires to have an ending merchandise inventory equal to 60% of the following 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 $25,600.
• Monthly depreciation is $17,800.
• Ignore taxes.

Balance Sheet October 31
Assets
Cash	$	21,700
Accounts receivable		78,800
Inventory		161,550
Property, plant and equipment, net of $506,500 accumulated depreciation		1,011,000
Total assets	$	1,273,050
Liabilities and Stockholders Equity
Accounts payable	$	276,500
Common stock		789,000
Retained earnings		207,550
Total liabilities and stockholders equity	$	1,273,050

The net income for December would be: