KAB Incorporated, a small retail store, had the following results for May. The budgets for June and July are also given. Sales Less cost of goods sold Gross margin Less selling and administrative expenses May (actual) June (budget) $ 42,000 21,000 $ 40,000 July (budget) $ 45,000 20,000 22,500 21,000 20,000 22,500 20,000 20,000 20,000 $ 1,000 $ 0 $ 2,500 Net operating income Sales are collected 80% in the month of the sale and the balance in the month following the sale. (There are no bad debts.) The goods that are sold are purchased in the month prior to sale. Suppliers of the goods are paid in the month following the sale. The "selling and administrative expenses are paid in the month of the sale. The amount of cash collected during June should be: $40,400 $40,000 $32,000 $41,000