Cambridge, Inc., is preparing its master budget for the quarter ended March 31. It sells a single product for $40 each. Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. At March 31, the balance in accounts receivable is $12,000, which represents the uncollected balance on March sales. Budgeted sales for the next four months follow: Sales in Units January 900 February March 1,100 700 April 1,400 The product cost is $20 per unit, and desired ending inventory is 60% of the following month's sales in units. Inventory at December 31 is 480 units. Purchases are paid 50% in the month of purchase and 50% in the following month. At December 31, the balance in accounts payable is $11,000, which represents the unpaid purchases from Demeber. Operating expenses are paid in the month incurred and consist of: Commissions (10% of sales) Shipping (3% of sales) Office salaries ($3,000 per month) Rent ($5,000 per month) Depreciation is $2,000 per month. Income taxes are 40%, and will be paid on April 1. There are no taxes payable at December 31. A minimum cash balance of $12,000 is required, and the beginning cash balance is $12,000. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month end. If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. At December 31, the loan balance is $2,000. Prepare the following budgets (round all dollar amounts to the nearest whole dollar) for each of the months of January, February, and March that includes the: Sales budget - Merchandise purchases budget -Cash budget, including information on the loan balance