e. What is budgeted net income for November? Show supporting work. Check figure: $599,580 Known for Premiere Suits who sells tailored, hand-detailed suits and provides alteration and tailoring services: The cash balance on November 1, 2021, is $40,000 The company's policy is to have on hand 10% of the suits estimated to be sold in the next month. The company wishes to keep 20% of next month's direct materials needs for production of suits. It takes 4 yards of direct materials for each premier finished suit; each yard costs $10. All purchases of materials are paid in cash. Production for December is projected at 7,900 suits. For November, budgeted direct labor wages to make suits are $259,000 and alteration labor is $41,000. Budgeted non-prime costs are $482,000. The $310,000 factory overhead includes $30,000 depreciation. The $172,000 selling and administrative includes $15,000 depreciation expense. All costs except for depreciation are paid as incurred. November taxes are anticipated to be $89,500 and interest $15,300. Both will be paid in November. The average suit sells for $275. Sales were 5,000 suits in October and are expected to be 6,000 in November and 8,000 in December. Budgeted cash sales are 10% and the rest of sales represent budgeted credit sales. Of the credit sales, 80% are expected to be collected in the month of sale and the rest in the month following the sale. November alteration services revenue (all cash collected) is budgeted at $58,000