Dlltex Farm Supply Is located in a small town In the rural west Data regarding the store's operations follow: Sales are budgeted at $240,000 for November, $220,000 for December, and $230,000 for January. Collections are expected to be 61% in the month of sale, 35% in the month following the sale, and 4% uncollectible. The cost of goods sold is 70% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 50% 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 $23,500. Monthly depreciation is $14,500. Ignore taxes. The net Income for December would be: $19.200 $42.500 $28.000 $25.360