Kevin Montgomery Retail seeks your assistance to develop cash and other budget information for May, June, and July, At Apni 30 , the company had cash of $10.000, accounts recelvable of $455,000, inventories of $464,250, and accounts payable of $151,055. The budget is to be based on the following assumptions: SALES: Each month'5 3aius are billed on the last day of the month. Customers are allowed a 3% discount if payment is made within 10 days after the bliting date. Recelvables are recurded in the accounts at their gross amounts (not net of discounts) 55% of the billings are collected within the discount period: 307 are collected by the end of the month; 9% are collected by the end of the second monthy and 6% turn out to be uncoliectible. RURCHASES: The marketing. general, and administratve expenses and 60% of all purchases of merchandise are paid in the mionth purchased, with the remainder of merchandise purchases poid in the following month. The number of units in each month's ending inventory is equal to 125 : of the next month's sales (units). The cost of each unit of inventory is $26. Marketing. general, and administrative expenses, of which $21,000 is depreciation, are equal to 15% of the current month's sales Actual and projected sales are as shown below: What are the budgeted merchandise purchases (in dollars) for June? What are the budgeted merchandise purchases fin dollars) for June? Multiple Choice 5340,000 $362.700 $373.000 5317,900