Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

As of December 31 (the end of the prior quarter), the companys general ledger showed the following account balances:

	Debits	Credits
Cash	$ 60,000
Accounts receivable	216,000
Inventory	60,750
Buildings and equipment (net)	370,000
Accounts payable		$ 91,125
Common stock		500,000
Retained earnings		115,625
	$ 706,750	$ 706,750

Actual sales for December and budgeted sales for the next four months are as follows:

December(actual)	$ 270,000
January	$ 405,000
February	$ 602,000
March	$ 317,000
April	$ 213,000