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 $352,000 for November, $322,000 for December, and $302,000 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 70% 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 $24,900.

Monthly depreciation is $16,400.

Ignore taxes.

Balance Sheet
October 31
Assets
Cash	$ 19,600
Accounts receivable	77,400
Inventory	123,200
Property, plant and equipment, net of $503,000 accumulated depreciation	1,004,000
Total assets	$ 1,224,200
Liabilities and Stockholders Equity
Accounts payable	$ 273,000
Common stock	782,000
Retained earnings	169,200
Total liabilities and stockholders equity	$ 1,224,200

The net income for December would be: