Heaters, Inc. provided the following budgeted information for March through July: Projected Sales: March= $104,600; April= $123,000; May= $115,000; June= $132,000; July= $141,400; Projected merchandise purchases: March= $82,000; April= $92,400; May= $75,300; June= $66,600; July= $73,000; Inventory at end of month= March= $12,000; April= $13,600; May= $11,300; June= $12,400; July= $14,300; Heaters 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 $31,000 per month of which depreciation is $3,000 of this amount. Heater pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May? The answer is $4,480. How do you get this answer?