The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $500,000, all for cash. Merchandise inventory on October 31 was $225,000 The cash balance November 1 was $23,000 Selling and administrative expenses are budgeted at $75,000 for November and are paid for in caslh . Budgeted depreciation for November is $35,000. The planned merchandise inventory on November 30 is $255,000. . 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 cash receipts for November are: O $365,000 O $500,000 O $135,000 O $535,000