Sandhills, Inc. provided the following budgeted information for March through July: March April May June July Projected

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Sandhills, Inc. provided the following budgeted information for
March through July:
March
April
May
June
July
Projected sales
Projected merchandise purchases
Inventory at end of month
Sandhills 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 $37200 per month of which
depreciation is $37200 of this amount. Sandhill pays operating
expenses in the month incurred. The income tax rate is 30%. How
much is budgeted net income for May?
$7337.
$5404.
$7720.
$10120.