m1 ed out of Jn2 Western Supply is a western supplier. Western's operating data includes the following: - Sales are budgeted at $340,000 for November, $380,000 for December, and $350,000 for January. - Collections are expected to be 59% in the month of sale, 40% in the month following the sale, and 1% uncollectible. - The cost of goods sold is 80% of sales. - Western must maintain ending merchandise inventories equal to 67% 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 $23,100. - Monthly depreciation is $21,000. - Ignore taxes. Statement of Financial Position as of October 31: Assets Cash $22,000 Accounts receivable (net) 77,000 Inventory 190,400 Property, plant and equipment (net) ,m Total Assets $1,223,400 Liabilities and Stockholders' Equity Accounts Payable $281,000 Common Stock 620,000 Retained Earnings , Total liabilities and stockholders' equity $1,223,400 Net Income for December is: O a. $28,100.00 0 b. $31,900.00 0 c. $72,200.00 0 01. $46,820.00 0 e. $50,620.00 The master budget contains the following components, among others: (1) direct