Berkeley Products Has a Cash Balance of $20,000 at April

Berkeley Products has a cash balance of $20,000 at April 1, 2011. They are now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:
$\begin{array}{|l|r|r|r|} \hline&{\text { Apr }} &{\text { May }} &{\text { Jun }} \\\hline \text { Cash collections } & \$ 12,000 & \$ 9,000 & \$ 10,500 \\\hline \text { Cash payments: } & & & \\\hline \text { Purchases of inventory } & 4,600 & 4,200 & 4,000 \\\hline \text { Operating expenses } & 5,000 & 5,200 &4,800 \\\hline\end{array}$
There are no budgeted capital expenditures or financing transactions during the quarter.
- Based on the above data, what is the projected cash balance at the end of May?

A) $22,000
B) $21,900
C) $23,700
D) $22,400