Eastem Outfitters is an eastern Outfitter, Eastern's operating data includes the following: Sales are budgeted at $340,000 for November, 5380,000 for December, and $360,000 for January . Collections are expected to be 59% in the month of sale, 40% in the month following the sale, and 1% uncollectible. The cost of goods sold is 79% of sales. Eastern must maintain ending merchandise inventories equal to 64% of the next 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 $23,100. Monthly depreciation is $21,000. Ignore taxes. Statement of Financial Position as of October 31: Assets Cash Accounts receivable (net) Inventory Property, plant and equipment (net) Total Assets $22,000 77,000 190,400 934,000 $1,223,400 Liabilities and Stockholders' Equity Accounts Payable $281,000 Common Stock 620,000 Retained Earnings 322400 Total liabilities and stockholders' equity $1,223,400 Net Income for January is O a. $27,900.00 b. $31,500.00 O c. $72,000.00 O d. $20,484.00 e $24,084.00