Sales are budgeted at $380,000 for November, $390,000 for December, and S400,000 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. Ignore taxes. The net income for December would be: $94, 500 $101, 400 $82, 800 $114, 500