The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: . Sales at $520,000, all for cash. Merchandise inventory on November 30 was $235,000. The cash balance at December 1 was $25.000. Selling and administrative expenses are budgeted at $81,000 for December and are paid in cash. Budgeted depreciation for December is $39,000 . The planned merchandise inventory on December 31 is $265,000 The cost of goods sold is 70% of the sales price. . All purchases are paid for in cash. There is no interest expense or income tax expense. . The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $520,000, all for cash. Merchandise inventory on November 30 was $235,000. . The cash balance at December 1 was $25,000. . Selling and administrative expenses are budgeted at $81,000 for December and are paid in cash. Budgeted depreciation for December is $39.000. . The planned merchandise inventory on December 31 is $265.000 The cost of goods sold is 70% of the sales price. . All purchases are paid for in cash. . There is no interest expense or income tax expense. ne budgeted cash receipts for December are: Multiple Choice $135.000 $520,000