Carver Lumber sells lumber and general building supplies to bullding contractors in a medium-sized town in Montana. Data regarding the store's operations follow: - Sales are budgeted at $367,000 for November, $337,000 for December, and $317,000 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 80% 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 $26,400. - Monthly depreciation is $19,400. - Ignore taxes. The net income for December would be: Multiple Choice $16,800 $41,000 $21,600 $26,300