Carver Lumber vells lumber and general building supplios to butling contractors in a medsum in Montana. Data regarding the store's operations follow: o Sales are budgeted at $350,000 for November, $320,000 for December, and $300,000 for January. o Collections are expected to be 90% in the month of sale, 8% in the month following the sale, and 2%, uneollectible The cost of goods sold is 75% of sales. The company purchases 60% of its merchandise in the month prior to the month of sale and 40% in the month of sale. Payment for merchandise is made in the month following the purchase. o Other monthly expenses to be paid in eash are $24,700. o Monthly depreciation is $16,000. o Ippore taxes: 55. The net income for December would be: A. $32,900 B. 542,300 C. $39,300 D. $55,300