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Assume the following budgeted information for a merchandising company: - Budgeted sales (all on credit) for November, December, and January are $250,000,$220,000, and $200,000, respectively. - Cash collections of credit sales are expected to be 75% in the month of sale and 25% in the month following the sale. - The cost of goods sold is always 65% of sales. - Each month's ending inventory equals 20% of next month's cost of goods sold. - 40% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. - Monthly selling and administrative expenses that are paid in cash in the month incurred total $20,500. - Monthly depreciation expense is $20,000. The expected cash collections from customers in December are