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 $56,000 212,800 60,150 Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings 366,000 $ 89,925 500,000 105,025 694,950 $694,950 b. Actual sales for December and budgeted sales for the next four months are as follows