Garden Sales, Inc. sells garden supplies. Management is planning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the quarter: Budgeted monthly income statements for April to July are as follows: April May June July Sales $ 620,000 $ 860,000 $ 540,000 $ 460,000 Cost of goods sold 420,000 588,000 378,000 322,000 Gross margin 200,000 272,000