value 10.00 points TB MC Qu. 09-148 The Adams Corporation... The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information . Sales at $524,000, all for cash. . Merchandise inventory on October 31 was $216,000 . The cash balance November 1 was $26,800. . Selling and administrative expenses are budgeted at $79,500 for November and are . Budgeted depreciation for November is $34,500. . The planned merchandise inventory on November 30 is $252,400. The cost of goods sold is 65% of the selling price. . All purchases are pald for In cash . There is no interest expense or income tax expense The budgeted net income for November is: O $69.400 O s87400 $103,900 O $183.40o O Type here to search