The following Information is bidgeted for LMNO Plumbing Supply Corporation for the next quarter:

	April	May	June
Sales	$110,000	$130,000	$180,000
Merchandise Purchases	$85,000	$92,000	$105,000
Selling & Admin. Expenses	$50,000	$50,000	$50,000

All sales at LMNO are on credit; 40% are collected in the month of sale, 58% in the month following the sale, and the remaining 2% are uncollectible. Merchandise purchases are paid in full the month following the month of purchase. The selling and adminstrative expenses above include $8,000 of depreciation on display fixtures and warehouse equipment. All other selling and administrative expenses are paid as incurred. LMNO wants to maintain a cash balance of $150,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end. Prepare LMNO'S cash budget for May, LMNO expects to have $24,000 of cash on hand at the beginning of May.