Please help solve this question

https://ezto.mheducation.com/hm.tpx Intermedia Custom... Dell Bing NOVAtime ... Sales are budgeted at $260,000 for November, $230,000 for December, and $210,000 for January. o Collections are expected to be 80% in the month of sale, 19% in the month following the sale, and 1% uncollectible. o The cost of goods sold is 65% of sales. the purchase. o The company desires to have an ending merchandise inventory at the end of each month equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following Other monthly expenses to be paid in cash are $20,300. o Monthly depreciation is $20,000. o Ignore taxes. Balance Sheet October 31 Assets Cash $27,000 Accounts receivable, net of allowance for uncollectible accounts 79,000 Merchandise Inventory 101,400 Property, plant and equipment, net of $574,000 accumulated depreciation 1,082,000 Total assets $1,289,400 Liabilities and Stockholders' Equity Accounts payable $169,000 Common stock 740,000 380,400 Retained earnings $1,289,400 Total liabilities and stockholders' equity The net income for December would be: $40,200 $55,800 $37,900 $60,200