Help Se Su 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: Sales are budgeted at $356,000 for November $326,000 for December, and $306,000 for January Collections are expected to be 90% in the month of sole 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 monthy'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 $25,300 - Monthly depreciation is $17.200. Ignore taxes $ 20,800 78.200 160,200 Balance Sheet October 31 Assets Cash Accounts receivable Inventory Property, plant and equipment, net of $505,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 1,008,000 $ 1,267,200 $ 275,000 786,000 206,200 $ 1,267,200 The net income for December would be