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