Verle, Inc. has a cash balance of $20,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows: Jun Apr $26,000 May $20,000 $20,000 Cash collections Cash payments: Purchases of direct materials Operating expenses 5,000 6,000 4,600 3,500 4,600 3,500 There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of May. O A. $55,000 OB. $20,000 OC. $50,400 OD. $46,900