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

Sales at $600,000, all for cash.

Merchandise inventory on October 31 was $277,000.

The cash balance November 1 was $26,500.

Selling and administrative expenses are budgeted at $61,800 for November and are paid for in cash.

Budgeted depreciation for November is $33,000.

The planned merchandise inventory on November 30 is $307,600.

The cost of goods sold is 65% 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:

$115,200

$133,200

$148,200

$210,000