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