Demy Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:

Sales are budgeted at $310,000 for November, $330,000 for December, and $320,000 for January.

Collections are expected to be 60% in the month of sale, 39% in the month following the sale, and 1% uncollectible.

The cost of goods sold is 65% of sales.

The company would like to maintain ending merchandise inventories equal to 55% of the next 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 $22,800.

Monthly depreciation is $20,700. Ignore taxes.

The cost of December merchandise purchases would be: $210,925 $214,500 $114,400 $201,500

Please prepare a table that shows:

Cash collected during the month

Ending inventory to be maintained

Budgeted Income Statement