Heaters, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $104,600 $123,000 $115,000 $132,000 $141,400 Projected merchandise purchases $82,000 $92,400 $75,300 $66,600 $73,000 Inventory at end of month $12,000 $13,600 $11,300 $12,400 $14,300 Heaters 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 $31,000 per month of which depreciation is $3,000 of this amount. Heater pays operating expenses in the month incurred. The income tax rate is 30%. How much is budgeted net income for May