Carver Lumber sells lumber and general bullding supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow: - Sales are budgeted at $356,000 for November, $326,000 for December, and $306,000 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 pald in cash are $25,300. - Monthly depreciation is $17,200. - Ignore taxes. The net income for December would be: Multiple Choice $39,000 $32,570 $56,200 $42,600