The following information pertains to the January operating budget for Casey Corporation. middot Budgeted sales for January $209,000 and February $108,000. middot Collections for sales are 60% in the month of sale and 40% the next month. middot Gross margin is 25% of sales. middot Administrative costs are $18,000 each month. middot Beginning accounts receivable is $20, 000. middot Beginning inventory is $16,000. middot Beginning accounts payable is S75,000. (All from inventory purchases.) middot Purchases are paid in full the following month. middot Desired ending inventory is 20% of next month's cost of goods sold (COGS). For January, budgeted net income is. A. $34,250 B. $52,250 C. $65,600 D. $107,400