COTB MC Qu. 8-81 (Algo) Assume the following budgeted information for... Assume the following budgeted information for a merchandising company: Budgeted sales (all on credit) for November, December, and January are $257,000, $227,000, and $218.000, respectively Cash collections of credit sales are expected to be 75% in the month of sale and 25% in the month following the sale, The cost of goods sold is always 70% of sales. Each month's ending inventory equals 15% of next month's cost of goods sold. 40% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month Monthly selling and administrative expenses that are paid in cash in the month incurred total $29,500 Monthly depreciation expense is $29,000. The expected cash collections from customers in December are: Multiple Choice $249,115 $234,500 5224350 O $253.250