85) Rawhide Outfitters had projected its sales for the first six months of 2012 to be as follows: Jan. $50,000 April $180,000 Feb. $60,000 May $240,000 Mar. $100,000 June $240,000 Cost of goods sold is 60% of sales. Purchases are made and paid for two months prior to the sale. 40% of sales are collected in the month of the sale, 40% are collected in the month following the sale, and the remaining 20% in the second month following the sale. Total other cash expenses are $40,000/month. The company's cash balance as of March 1st, 2012 is projected to be $40,000, and the company wants to maintain a minimum cash balance of $15,000. Excess cash will be used to retire short-term borrowing (if any exists). Fielding has no short-term borrowing as of March 1st, 2012. Assume that the interest rate on short-term borrowing is 1% per month. How much short term financing is needed by March 30, 2012? A) $85,000 B) $15,000 C) $110,000 D) $70,000