Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock $ 54,000 144,000 63,750 223,000 $514,750 $ 84,000 Retained earnings Total Liabilities and stockholders' equity 349,000 1.750 $514,750 TES-312 accountants have made the following estimates 1 Sales for April, May, June, and July will be $340,000, $360,000, $350,000, and $370,000, respectively 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 60% in the month following the sale. All of the accounts recevable at March 31 will be collected in April 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of in merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at March 31 are related to previous merchandise purchases and will be perd in Apri 4. Monthly selling and administrative expenses are always $44,000. Each month $6.000 of this total amount is depreciation expense and the remaining $38.000 is spent for expenses that are paid in the month they are incurred 5. The company will not borrow money or pay or declare dividends during the 2nd quarter The company will not issue any common stock or repurchase its own stock during the 2nd quarter How much is the company's expected merchandise purchases in the month of June Mutiple Choice $266.250 Spring 2022 Seved Required information TES-312 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Assets Cash TES-312 Inc. Balance Sheet March 31 $ 84,000 144,000 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable. Common stock Retained earnings Total liabilities and stockholders' equity 63,758 223,000 $514,750 $ 84,000 349,000 81,750 $514,750 TES-312 accountants have made the following estimates: 1 Sales for April, May, June, and July will be $340,000 $350,000 $350,000, and $370,000, respectively. 111 collected 35% in the month of 500 and in the month following the sale. All of the accounts receivable at March A fin merchandis