Dynamie - Answer changes with each attempt consider an Excel solution) San Luis Mill and Lumber sells lumber and general building supplies to building contractors in a medium-sized town in California. Data regarding the store's operations follow Sales are budgeted $399 227 for November, $ 330,792 to December, and S 318.418 for January . Collections are expected to be 90% in the month of sale and 10% in the month following the sale The cost of poods sold is 70% of sales The company desires to have an ending merchandise inventory equal to 50% of the following month's cost of goods sold. Payment for merchandises made in the month blowing the purchase Other monthly expenses to be paid in cash are $ 23,624 Monthly depreciation is $18.369 . gore coxes Balance Sheet October 31 Assets Cash Accounts receivable Inventory Property, plant and equipment, net of $503,000 acumulated depreciation Total assets Liabilities and Stockholders'Equity Accounts payable Common stock Retained earings Total labs and stockholders' equilty $ 10.000 77.400 123,200 1,004 000 $1,224.200 $273.000 782,000 169 200 51.224.200 The net income for December would be