Bonita, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $104300 $123300 $114500 $132100 $141700 Projected merchandise purchases $82300 $92500 $75200 $66700 $73100 Inventory at end of month $12000 $14000 $11000 $12600 $14200 Bonita 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 $30900 per month of which depreciation is $3500 of this amount. Bonita pays operating expenses in the month incurred. The income tax rate is 20%. How much is budgeted net income for May