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Question(s) / Instruction(s):

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

             Sales at $457,000, all for cash

             Merchandise inventory on October 31 was $199,000.

             The cash balance November 1 was $13,000.

             Selling and administrative expenses are budgeted at $58,700 for November and are paid for in cash.

             Budgeted depreciation for November is $24,300.

             The planned merchandise inventory on November 30 is $235,000.

             The cost of goods sold is 60% of the selling price.

             All purchases are paid for in cash.

The budgeted net income for November is:

A.            $99,800

B.            $182,800

C.            $261,200

D.            $124,100

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