Carla Vista Bakery has budgeted sales revenues as follows: April May Credit sales $43,200 $46,080 Cash sales 11,520 15,360 Total sales $54,720 $61,440 Past experience indicates that 40% of the credit sales will be collected in the month of sale, and the remaining 60% will be collected in the following month. Purchases of inventory are all on credit, and 20% will be paid in the month of purchase with the balance paid in the month following purchase. Budgeted inventory purchases are: April $32,640 May 35,520 Other budgeted amounts include: (a) selling and administrative expenses of $23,808 each month and (b) dividends of $7,872 to be paid in May. Included in the selling and administrative expenses is depreciation expense of $1,824. The company wishes to maintain a minimum cash balance of $3,840 at the end of each month. The company borrows money from the bank at 4% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on May 1 was $4,320. Money is borrowed in $96 increments.