Omaha Furniture Mart has the following information:

Month	Budgeted Sales
June	$68,000
July	72,000
August	80,000
September	76,000
October	80,000

The cost of merchandise sold is 60% of sales and the desired ending inventory level is 25% of next month's cost of merchandise sold.

All sales are on credit. 70% of sales is collected in the month of sale and the remaining 30% in the next month. All purchases are paid for in the month of purchase. Cash operating expenses amount to 20% of sales. The July starting balance for cash is $12,000. The July ending balance of cash is:

		$12,000
		$19,000
		$24,000
		$26,400
		$38,400