Carter lumber sells lumber and general building supplies to building contractors in a medium-sized town in montana. data regarding the store's operations follow: o sales are budgeted at $404,000 for november, $414,000 for december, and $424,000 for january. o collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible. o the cost of goods sold is 75% of sales. o the company desires to have an ending merchandise inventory equal to 80% of the following month's cost of goods sold. payment for merchandise is made in the month following the purchase. o other monthly expenses to be paid in cash are $22,550. o monthly depreciation is $24,600. o ignore taxes. balance sheet october 31 assets cash $ 17,200 accounts receivable, net of allowance for uncollectible accounts 93,600 inventory 214,500 property, plant and equipment, net of $512,000 accumulated depreciation 1,024,000 total assets $1,349,300 liabilities and stockholders' equity accounts payable $ 249,000 common stock 780,000 retained earnings 320,300 total liabilities and stockholders' equity $1,349,300 the net income for december would be: