The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $518,000, all for cash. Merchandise inventory on October 31 was $230,000. The cash balance November 1 was $26, 600. Selling and administrative expenses are budgeted at $80, 700 for November and are paid for in cash. Budgeted depreciation for November is $27, 500. The planned merchandise inventory on November 30 is $265, 300. 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: $155, 400 $65, 200 $47, 200 $74, 700