please answer question completely using multiple choice.

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 $352,000 for November. $322,000 for December, and $302,000 for January Collections are expected to be 90% in the month of sale and 10% in the month following the sale. The cost of goods 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 merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $24.900. Monthly depreciation is $16,400. Ignore taxes. Balance Sheet October 31 Assets Cash 19,600 Accounts receivable 77,400 Inventory 123,200 Property, plant, and equipment, net of $503,000 accumulated depreciation 1,004,000 Total assets $1,224,200 Liabilities and Stockholders' Equity Accounts payable $ 273,000 Common stock 782,000 Retained earnings 169,200 Total liabilities and stockholders' equity $1,224,200 The net income for December would be: Multiple Choice $55,300 $58,500 $47.280 $71,700