Week 5: Quiz Saved Help Save & Exit Submit 10 Assume the following budgeted information for a merchandising company . Budgeted sales (all on credit) for November, December, and January are $253,000, $223,000, and $214,000, respectively. . Cash collections of credit sales are expected to be 75% in the month of sale and 25% in the month following the sale . The cost of goods sold is always 70% of sales. 4 . Each month's ending inventory equals 20% of next month's cost of goods sold. points 30% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. . Monthly selling and administrative expenses that are paid in cash in the month incurred total $27,500. . Monthly depreciation expense is $27,000. The expected cash collections from customers in December are: Multiple Choice O $250,250 O $230,500 O $235,280