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Grinnell Manufacturing Company has the following information for 2015: Month Budgeted Sales January $76,000 February 85,000 March 92,000 April 79,000 Budget Expenses per Month Wages

Grinnell Manufacturing Company has the following information for 2015:

Month Budgeted Sales
January $76,000
February 85,000
March 92,000
April 79,000

Budget Expenses per Month

Wages $15,000
Advertising 12,000
Depreciation 3,000
Other 4 percent of sales

Note: All cash expenses are paid as incurred; Collections from sales are 50% in the month of sale and 50% in the month following the sale; December 2014 sales were $110,000. What is the budgeted net operating income for the first quarter of 2015?

$140,560

$172,160

$123,640

$152880

$135,280

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