MC Qu. 146 The Adams Corporation, a merchandising ... The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $520,000, all for cash. Merchandise inventory on October 31 was $235,000. The cash balance November 1 was $25,000. Selling and administrative expenses are budgeted at $81,000 for November and are paid for in cash. Budgeted depreciation for November is $39,000. The planned merchandise inventory on November 30 is $265,000. The cost of goods sold is 70% of the selling price. All purchases are paid for in cash. There is no interest expense or income tax expense. The budgeted cash receipts for November are: