The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following Information: Sales at $550,000, all for cash. Merchandise Inventory on November 30 was $300,000. The cash balance at December 1 was $25,000. Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. Budgeted depreciation for December is $35,000. The planned merchandise Inventory on December 31 is $270,000 The cost of goods sold is 75% of the sales price. All purchases are paid for in cash. There is no Interest expense or income tax expense. The budgeted cash receipts for December are: Multiple Choice O $412,500 $137,500 O O $585.000 O $550,000