Old Antique Store prepared the following budget Information for the month of May: Sales are budgeted at $372,000. 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 $96,000 on April 30; an Inventory Increase of $15,000 is planned for May 31. All Inventory is marked to sell at cost plus 50 percent. Estimated expense for selling and administrative expenses for the month are $60,000. Depreciation for May is projected at $7,200. Old Antique's budgeted operating Income for May Is: Multiple Choice $90,000. $82,200. $45,640. $52,840. $30,640