Assume a merchandising company provides the following information from its master budget for the month of May: Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Retained earnings, May 1 Retained earnings, May 31 $78,500 $73,600 $33,500 $26,400 $18,600 $24, 200 If the company does not pay any interest or dividends, what is its budgeted sales for May? Ignore taxes. Multiple Choice $117,600 $1,500 $102,500 $115,200