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What the budgeted profit for november is

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

Sales at £450,000, all for cash

Merchandise inventory on October 31 was £200,000.

The cash balance 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 31 is £230,000.

The cost of goods sold is 70% of the selling price.

All purchases are paid for in cash.

Question 1: The budgeted profit for November is

Reference no: EM132539972

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