Fosnight Enterprises prepared the following sales budget: Month March April Budgeted Sales $3000 $10,000 $ 12,000 $20,000 May June The expected gross profitrate is 20% and the inventory at the end of February was $9000. Desired inventory levels at the end of the month are 10% of the next month's cost of goods sold. What is the budgeted cost of goods sold for May? $1200 59600 $2400 $4000