The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $636,000, all for cash. Merchandise inventory on October 31 was $289,000. The cash balance November 1 was $19,100. Selling and administrative expenses are budgeted at $89,700 for November and are paid for in cash. Budgeted depreciation for November is $32,000. The planned merchandise inventory on November 30 is $322,100. The cost of goods sold is 75% 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:

69,300

$37,300

$159,000

$55,300