Old Antique Store prepared the following budget information for the month of May: Sales are budgeted at $427,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $103,000 on April 30; an inventory increase of $17,000 is planned for May 31. All inventory is marked to sell at cost plus 40 percent. Estimated expense for selling and administrative expenses for the month are $67,000. Depreciation for May is projected at $7,900. Old Antique's budgeted operating income for May is: Multiple Choice $93,800. $91,900. $34,290. $42,190. $17,290.