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 Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 57,000 213,600 60,300 367,000 $ 90,225 500.000 107,625 $ 697.900 $ 697,900 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 267,000 40,000 $ 599,000 $314,000 $ 210,000 Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales d. The company's gross marain is 40% of sales. (In other words, cost of goods sold is 60% of sales) Prey 13 of 13 Next Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Quarter Complete the merchandise purchases budget: Merchandise Purchase Budget January February March Budgeted cost of goods sold 5241 2009 5 359,400 Add desired ending inventory 89,8501 Total needs 331050 359.400 Lets beginning inventory 60,300 Required purchases 5270750 $ 359 400 $ "5402,000 sales 60% cost ratio = S241,200 15359,400 25% $80,850 0 0 05 0 0