Cost of goods sold Gross nargin 49.800 Total selling and adninistrative expenses b. Sales are 20% for cash and 80% on account. over a three-month period with 10% c 20% collected in the second month following the month of sale, February's sales totaled $275,000, and s sales totaled $290,000 are paid for within 15 days. The remaining 50% ls paid in the following month Accounts payable at March 31 for total $130,900 e. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month The merchandise at 31 is $99.400 of $38,000 will be declared and paid in April. g. Land costing $46,000 will be purchased for cash in May 31 is $60000, the company must maintain a cash balance of at least $40000 at the end of each month. L The has an each month, up to a total loan balance of $200,000. The end of the quarter b. A of