Janeway, Inc. has a cash balance of $24,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:

	Apr	May	Jun
Cash collections	$24,000	$22,000	$26,000
Cash payments:
Purchases of direct materials	5,800	5,300	7,000
Operating expenses	5,000	5,300	3,500

There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of June.

A.$64,100

B.$48,600

C.$37,200

D.$48,000