Sandeep & Tarannum operates a small boutique in Saint John, NB, that sells African dolls. They expect to generate revenues of $40,000, $50,000, and $60,000 during October, November, and December, respectively. The cost of goods sold average 60% of revenues, and budgeted marketing and administrative costs are $4,000, $6,000, and $5,000 for October, November, and December, respectively. They expect to receive 70% of revenues/sales in cash during the month of sale and 30% in the following month. They receive dolls on consignment from Kristin and Karen Co., with the purchase price being due at the time of sale. Thus, their cash outflow for goods sold equals the cost of goods sold. Finally, they pay for all marketing and administrative expenses in cash as they are incurred. They began operations on October 1st with $10,000 in the bank. What is the cash balance at the end of December? $21,000 $10,000 $37,000 $27.000