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Kevin Montgomery Rerail seeks your assistance to develop cash and other budget informathon for May fune, and July. At Apili 30 , the company had cash of $7,500. accounts recelvable of $445,000, inventories of $454,250, and accounts poyable of $141,055. The budget is to be based on the following assumptions: SALES: Each month's sales are billed on the last day of the month. Customers are allowed a 39 discount if payment is made within 10 days ahter the billing date. Recelvables are recorded in the accounts at their gross amounts (not net of discounts), 55% of the billings are collected wathin the discount perlod, 30% are collected by the end of the monthy 9% are collected by the end of the second monthy and 6% furn out to be uncolectible. RUPCHASES The markeling, general; and administratlve expenses and 60% of all parchases of merchandise are poid in the month purchased, with the remainder of meichandise purctuases paid in the following month. The mumber of units in each month's ending inventory is equal to 125 sis of the next month's sales (units). The cost of each unit of inventory is $28. Marketing, general, and administative expenses, of which $11.000 is deprec lation. are equal to 15% of the current montlis : vales: Actual and projected sales are as shown below. Each month's sales are bliled on the last day of the month. Customersare allowed a 3% discount if payment is made within 10 days after the balling date Recelvables are recorded in the accounts at their gross amounts (not net of discounts). 55% of the billings ate collected within the discount periodi 30% are collected by the end of the month; 99 are collected by the end of the second monthy and 6% turn out to be uncollectible PUICHASES: The marketing. general, and administrative expenses and 60% of all purchases of merchandise are poid in the morith purchased, with the remainder of merchandise putchases paid in the following month. The number of units in each months cnding inveritory is equal to 125% of the next month's sales (units) The cost of each unit of inventory is $28. Marketing. general, and administrative expenses, of which $11,000 is depreciation, are equal to 15% of the current month's sales Actual and projected soles ate as shown below: What are the budgeted meschandlse purchases (in dollars) for May? What are the budgeted merchandise purchases (in dollars) for May? Multiple Choice $338,100 $355,300 $375,580 $357,000