Cullumbers, Inc. provided the following budgeted information for March through July. March April May June July Projected sales $87860 $103320 $96600 $110880 $118780 Projected merchandise purchases $68880 $77620 $63260 $55940 $61320 Inventory at end of month $10080 $11420 $9500 $10420 $12020 Cullumbers 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 $26040 per month of which depreciation is $26040 of this amount. Cullumber pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May? O $5119. O $7060. 0 $5380 O $3766