Nieman Inc., a local retailer, has provided the following data for the month of March: Merchandise inventory, beginning balance $ 45,000 Merchandise inventory, ending balance $ 45,600 Sales $263,500 Purchases of merchandise inventory $135,800 Selling expense $ 19,700 Administrative expense $ 60,900

The net operating income for March was: $128,700 $127,700 $49,900 $47,700