The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $510,000, all for cash. - Merchandise Inventory on October 31 was $219,000. The cash balance November 1 was $18,700. . Selling and administrative expenses are budgeted at $54,400 for November and are paid for in cash Budgeted depreciation for November is $29,100. The planned merchandise inventory on November 30 is $255,600. The cost of goods sold is 80% 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: O $18,500 $36,500 O $47,600 $102,000