Sales are budgeted at $355,000 for November, $325,000 for December, and $305,000 for January Collections are expected to be 80% in the month of sale and 20% in the month following the sale The cost of goods sold is 80% of sales The company desires to have an ending merchandise inventory equal to 50% 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 $25,200 Monthly depreciation is $17000 points . Ignore taxes. 02:11:48 Balance Sheet October 31 Skipped Assets Cash Accounts receivable Inventory Property, plant and equipment, net of $20,500 78,000 142,000 eBook Print 1,007,000 504,500 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders equity $1,247,500 $ 274,500 785,000 188,000 $1,247,500 The net income for December would be