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 $364,000 for November, $334,000 for December, and $314,000 for January Collections are expected to be 90% in the month of sale and 10% in the month following the sale The cost of goods sold is BOR of sales The company desires to have an ending merchandise inventory equal to 50% 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 $26,100 Monthly depreciation is $18.800 Ignore taxes Balance Sheet October 31 $ 23,200 79,800 145.600 $1,264,600 Accounts receivable Inventory Property, plant and equipment, net of $509,000 accumulated depreciation Total assets Liabilities and stockholders' Equity Mccounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 279,000 794.000 $1,264.600 The net income for December would be Moe Choice O O $26.300 O O $0.00