The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
‘ Sales were at $450,000, all for cash.
‘ Merchandise inventory on October 31 was $200,000.
‘ The cash balance on November 1 was $18,000.
‘ Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.
‘ Budgeted depreciation for November is $25,000.
‘ The planned merchandise inventory on November 30 is $230,000.
‘ The cost of goods sold is 70% of the selling price.
‘ All purchases are paid for in cash.
20. The budgeted net income for November is
A. $135,000.
B. $68,000.
C. $50,000.
D. $75,000.
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