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

* Sales at 450,000, all for cash

* Merchandise inventory on October 31 was 200,000.

* The cash balance 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 31 is 230,000.

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

* All purchases are paid for in cash.

The budgeted profit for November is: