3. A company had a cash balance of $3,500 at the beginning of the month. The company does not make any sales on credit. The company accepts cash and credit cards. Assume that 80% of its sales are credit card sales, for which cash is received right away, less a 2% transaction fee. Total sales for the month was $350,000. Materials are purchased on account. The company pays for half of the purchases in the current month and the other half the following month. Suppliers for materials are owed $5,000 from the previous month. Purchases of materials for the current month total $40,000. Depreciation expense for the month total $7,500. Sales commissions of 10% of gross sales are paid in the current month. Labor costs for the month total $50,000 which will be paid in the current month. The company has a $100,000 loan with a 12% annual rate of interest. Interest is paid at the end of the month, and the entire principal will be paid back at the end of the month if the company has excess cash. The company desires a minimum ending cash balance of $25,000. Compute the cash balance at the end of the month.