Following is selected information relating to the operations of Pocketchange Company, a tile distributor September 30, 2018- Trial Balance information Cash Accounts receivable 8,500 Plant and equipment, net of Acc. Dep 428,600 Accounts payable Capital stock Retained earnings 24,050 150,000 327,450 $ 501,500$ 501,500 a. Actual and budgeted sales data: S 62,000 66,000 80,000 November December 48.000 b. Gross profit is 25% of sales (or 75% Cost of Goods Sold %). Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. C. The accounts receivable at September 30 are a result of the September's credit sales. At the end of each month, inventory on hand is to be equal to 80% of the following month's sales needs, stated at cost. d. One-half of a month's inventory purchases is paid in the month of purchase; the other e. is paid in the following month. The accounts payable at September 30 are a result of Monthly expenses are as follows, salaries and wages, 12% of sales; rent, S2.500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $1,300 per month (includes depreciation on new assets). f. Equipment costing $7,000 will be purchased for cash in the October, $3,000 in November, and another $2,000 in December. g. The company must maintain a minimum cash balance of $5,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing and repayments must be made in multiples of $1,000. The annual interest rate is 12%. Interest is paid only at the time of repayment of principles: figure interest on the whole month (2/12, 3/12, and so forth). Any unpaid interest is accrued at the end of the quarter. h. Budget lexcel)