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 $ 78,500 $ 73,600 $ 33,500 Cash paid for selling and administrative expenses $ 26,400 $ 18,600 Selling and administrative expenses Retained earnings, May 1 Retained earnings, May 31 $ 24,200 If the company does not pay any interest or dividends, what is its budgeted sales for May? Multiple Choice $102,500 $1,500 $115,200