Question 1.6 4 points Information regarding Amsterdam Company's budget is presented below: - Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January. Cash collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales. The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale. Payment for merchandise is made in the month following the purchase. . Monthly selling & administrative expenses to be paid in cash are $21,100. . Monthly depreciation is $21,000. . There was no outstanding debt from November through January. . Income taxes are to be ignored. . The company declared and paid $2,000 in dividends in December. Budgeted net income for December is: O $49,900 o $40,900 $17,900 $19,900