The Gomez Company, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $800,000, all for cash. Merchandise Inventory on November 30 was $400,000. The cash balance at December 1 was $50,000. Selling and administrative expenses are budgeted at $58,000 for December and are paid for in cash. Budgeted depreciation for December is $39,000. The planned merchandise inventory on December 31 is $410,000. The cost of goods sold represents 60% of the selling price. All purchases are paid for in cash.

The budgeted cash receipts for December are:

$320,000

$480,000

$800,000

$839,000