(Managerial Accounting (1) -303326) 12. FYO company sells wood and structure materials to structure suppliers in Germany. The Data regarding the store's operations follow. . Sales are budgeted at $380,000 for November, $390,000 for December, and $400,000 for January Collections are expected to be 70% in the month of sale 27% in the month following the sale, and 3% uncollectible. The cost of goods sold is 65% of sales. The company desires to have an ending merchandise inventory equal to 80% 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 $22,000. Monthly depreciation is $20,000. . The net income for December would be: (3 Points 582 800 $94.500 5114.500