Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses What is the budgeted net operating income? $ 216,000 $ 76,500 $ 71,500 $ 31,500 $ 30,400 Multiple Choice $6,100 $36,500 $124,100 $108,000