Orioles, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $92040 $108240 $101200 $116160 $124440 Projected merchandise purchases $72160 Inventory at end of month $10560 $11960 $81320 $66280 $58600 $64240 $9960 $10920 $12600 Orioles estimates that it will collect 30% of its sales in the month of sale and 70% in the month after the sale. General operating expenses are budgeted to be $27280 per month of which depreciation is $27280 of this amount. Oriole pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May? $3948. $5640. $5365. $7400.