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 $250,000. The cash balance at December 1 was $28,000. .Selling and administrative expenses are budgeted at $90,000 for December and are paid in cash. Budgeted depreciation for December is $45,000. The planned merchandise inventory on December 31 is $280,000. 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 budgeted cash receipts for December are: Multiple Choice $135,000 $595,000 $550,000 $415,000