Help Save & Exit Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow: 25 oints Sales are budgeted at $368,000 for November, $338,000 for December, and $318,000 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 paid in cash are $26,500 Monthly depreciation is $19,600. Ignore taxes. 8 02:45.07 References $ 24,400 80,600 165,600 1,020,000 Balance Sheet October 31 Assets Cash Accounts receivable Inventory Property, plant and equipment, net of $511,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' 51.290, 600 $ 281,000 798,000 211,600 $1,290,600 points (% 02:44:57 eBook References Balance Sheet October 31 Assets Cash $ 24,400 Accounts receivable 80,600 Inventory 165,600 Property, plant and equipment, net of $511,000 accumulated depreciation 1,020,000 Total assets $1,290, 600 Liabilities and Stockholders' Equity Accounts payable $ 281,000 Common stock 798,000 Retained earnings 211,600 Total liabilities and stockholders' equity $1,290,600 The net income for December would be