Carver Lumber sells lumber and general building supplies to building contractors in a mediumsized town in Montana. Data regarding the store\'s operations follow:

Sales are budgeted at $ for November, $ for December, and $ for January.

Collections are expected to be in the month of sale and in the month following the sale.

The cost of goods sold is of sales.

The company desires to have an ending merchandise inventory equal to 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 $

Monthly depreciation is $

Ignore taxes.

Balance Sheet

October

Assets

Cash                                                                                                                                        $

Accounts receivable                                                                                                                

Inventory

Property, plant and equipment, net of $ accumulated depreciation              

Total assets                                                                                                                          $

Liabilities and Stockholders Equity

Accounts payable                                                                                                                $

Common stock                                                                                                                       

Retained earning s                                                                                                                 

Total liabilities and stockholders equity                                                                          $

 

Retained earnings at the end of December would be?