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Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 128,000 Cash paid for merchandise purchases
Assume a merchandising company provides the following information from its master budget for the month of May:
Sales $ 128,000 Cash paid for merchandise purchases $ 82,000
Selling and administrative expenses $ 22,000
Accounts payable, May 1st $ 16,200
Accounts payable, May 31st $ 23,000
If the company maintains no beginning or ending merchandise inventory and makes all of its inventory purchases on account, what is the budgeted net operating income for May?
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