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.

The budgeted cash receipts for November are:

A. £315,000
B. £450,000
C. £135,000
D. £475,000