Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $874,000 inventories of $618,800, and accounts payable of $266,110. The budget is to be based on the following assumptions .Each month's sales are billed on the last day of the month. Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date. Receivables are recorded in the accounts at their gross amounts (not net of discounts). . The billings are collected as follows: 70 percent within the discount period, 15 percent by the end of the month, and 12 percent by the end of the following month. Three percent is uncollectible Purchase data are as follows Of all purchases of merchandise and selling, general, and administrative expenses, 60 percent is paid in the month purchased and the remainder in the following month. . The number of units in each month's ending inventory equals 120 percent of the next month's units of sales The cost of each unit of inventory is $10. .Selling, genera, and administrative expenses, of which S4,000 is depreciation, equal 15 percent of the current month's sales. .Actual and projected sales follow March April ay June July August Dollars Units S708,000 11,800 726,000 12,100 714,000 11.900 684,000 11.400 720,000 .000 732,000 12,200 Required a. Compute the budgeted purchases in dollars for May