The Adams Corporation, 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 30 is $230,000. - 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 net income for November is: $50,000$68,000$5,000$135,000