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 a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: $ 62,000 217,600 61,050 Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock 372,000 $ 91,725 500,000 120,925 $712,650 $712,650 Retained earnings b. Actual sales for December and budgeted sales for the next four months are as follows: December $272,000 (actual) January February March $407,000 $604,000 $319,000 $215,000 April