The Adams Company, a merchandising firm, has budget its activity for November according to the following information:

• Sales were at $450,000, all for cash.

• Merchandise inventory on October 31 was $200,000.

• The cash balance on November 1 was $18,000.

• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.

• Budgeted depreciation for November is $25,000.

• The planned merchandise inventory on November 30 is $230,000.

• The cost of goods sold is 70% of the selling price.

• All purchases are paid for in cash.

Calculate the budgeted net income for November.