A merchandising firm has budgeted activity for May as follows: a) Sales at $400,000, all for cash Beginning merchandise inventory was $ 60,000 Budgeted depreciation for May is $20,000 Selling and administrative expenses are budgeted at $60,000 and are paid in cash during May The planned ending inventory is $50,000 The invoice cost for merchandise represents 40% of the sales price. All purchases are paid for in cash end 1106 The budgeted cash disbursements for May are Yooo Allou - You The budgeted net income for May is