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 $350,000 for November, $320,000 for December, and $300,000 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 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 $24,700.
• Monthly depreciation is $16,000.
• Ignore taxes.

Balance Sheet
October 31
Assets
Cash	$ 19,000
Accounts receivable	77,000
Inventory	157,500
Property, plant and equipment, net of $502,000 accumulated depreciation	1,002,000
Total assets	$ 1,255,500
Liabilities and Stockholders' Equity
Accounts payable	$ 272,000
Common stock	780,000
Retained earnings	203,500
Total liabilities and stockholders' equity	$ 1,255,500

The cash balance at the end of December would be: