SLS Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Mara. Dan regarding the wore's operations follow 26 Sales are budgeted at $365,000 for November. $335,000 for December, and 5315.000 for January Collections are expected to be 80% in the month of sale and 20% in the month following the sole The cost of goods sold is 75% of sales The company desires to have an ending merchandise inventory equal to 60% of the following months cost of goods sold Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $26,200 Monthly depreciation is $19.000. Ignore taxes 3 Ono $ 23,500 80,000 164,250 Balance Sheet October 31 Assets Cash Accounts receivable Inventory Property, plant and equipment, not of $509,500 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders equity 1,017,000 $1,284,750 $ 279,500 795,000 210, 250 $1,284,750 The net income for December would be