Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Retained earnings, May 1 $120,000 $ 80,000 $ 75,000 $ 35,000 $ 28,000 $ 18,000 If the company does not pay any interest or dividends, what is its budgeted retained earnings on May 31st? Multiple Choice $20,000 O $26,000 $23,000 $30,000