Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Dota regarding the store's operations follow Sales are budgeted at $365.000 for November, $335,000 for December, and $315,000 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 $26.200 Monthly depreciation is $19.000 Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Inventory Property, plant and equipment, net of $509,568 accumulated depreciation Total assets $ 23,500 80,000 164,250 1,017,000 $ 1,284,750 LOAD $ 23,500 80,000 164,250 Balance Sheet October 31 Assets Cash Accounts receivable Inventory Property, plant and equipment, net of $509,500 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders equity 1,017,000 $ 1,284,750 $ 279,500 795,000 210,250 $ 1,284,750 The net income for December would be