Sheridans, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $119210 $140220 $131100 $150480 $161230 Projected merchandise purchases $93480 $105370 $85910 $75890 $83220 Inventory at end of month $13680 $15470 $12950 $14170 $16370 Sheridans 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 $35340 per month of which depreciation is $35340 of this amount. Sheridan pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May? O $9610 $5131. $6967 $7330