Sunland, Inc. provided the following budgeted information for March through July: July March April May June Projected sales $104100 $123100 $115000 $132000 $141200 Projected merchandise purchases $82100 $92100 $75600 $66800 $72500 Inventory at end of month $12200 $13400 $11300 $12800 $14700 Sunland estimates that it will collect 20% of its sales in the month of sale and 80% in the month after the sale. . General operating expenses are budgeted to be $30700 per month of which depreciation is $2700 of this amount. Sunland pays operating expenses in the month incurred. The income tax rate is 40%. How much is budgeted net income for May? $6290 $8600 $3960 $6600