aroans, provided Tollowing budgeted Information for March through July: Projected sales Projected merchandise purchases Inventory at end of month April May July $117120 $137760 $128800 $147840 $158400 $91840 $103520 $84400 $74560 $81760 $6844. $9440. $5040. $7200. March $13440 $15200 June $12720 $13920 $16080 Pharoahs estimates that it will collect 30% of its sales in the month of sale and 70% in the month after the sale. General operating expenses are budgeted to be $34720 per month of which depreciation is $34720 of this amount. Pharoah pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May?

Pharoahs estimates that it will collect 30% of its sales in the month of sale and 70% in the month after the sale. General operating expenses are budgeted to be $34720 per month of which depreciation is $34720 of this amount. Pharoah pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May? $6844. $9440. $5040. $7200