Return to pag Question 1(5 points) The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000. 3) Budgeted depreciation for December is $35,000 4) The cash balance at December 1 was $25,000. 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid for in cash. Budgeted Net incomes for December is: a. 472,500 b. 382,500 C. 442,500 d. 477,500