Assume a merchandising company provides the following information from its master budget for the month of May:

Sales	$ 222,000
Cost of goods sold	$ 78,000
Cash paid for merchandise purchases	$ 73,000
Selling and administrative expenses	$ 33,000
Cash paid for selling and administrative expenses	$ 32,200

What is the budgeted net operating income?

Multiple Choice

• $5,800

• $38,000

• $111,000

• $126,800