Carver lumber sells lumber and general building supplies to building contractors in a medium-sized town in montana. data regarding the store's operations follow: sales are budgeted at $351,000 for november, $321,000 for december, and $301,000 for january. collections are expected to be 80% in the month of sale and 20% in the month following the sale. the cost of goods sold is 80% of sales. the company desires to have an ending merchandise inventory equal to 70% of the following month's cost of goods sold. payment for merchandise is made in the month following the purchase. other monthly expenses to be paid in cash are $24,800. monthly depreciation is $16,200. ignore taxes. balance sheet october 31 assets cash $ 19,300 accounts receivable 77,200 inventory 196,560 property, plant and equipment, net of $502,500 accumulated depreciation 1,003,000 total assets $ 1,296,060 liabilities and stockholders’ equity accounts payable $ 272,500 common stock 781,000 retained earnings 242,560 total liabilities and stockholders’ equity $ 1,296,060 the net income for december would be: